Cutting rates a mistake, says Israel's Fischer

Stanley Fischer, the governor of the Bank of Israel, has rebuffed calls to lower rates, saying inflation was too high to warrant a cut.

At 3.4% in the year to December, inflation is now above the central bank's target range of 1-3%.

"We have an inflation problem and there are no signs of inflationary pressures easing,'' Fischer said on Sunday, 10 February, at a press conference.

"The result of a lowering would be that in a few months we need to raise them again," he added, citing historical e

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