Israel becomes first to raise rates

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The Bank of Israel on Monday became the first central bank to raise rates in response to glimmers that its economy is beginning to recover from the crisis.

Stanley Fischer, the governor of the central bank who decides on interest rates after consulting with other senior officials, raised the benchmark interest rate for September by a quarter point to 0.75%.

The decision was unexpected, with most analysts expecting rates to remain on hold.

Commenting on the decision, the central bank said the mos

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