Israel cuts rate for second time in two weeks

Stanley Fischer
David Vaaknin

The Bank of Israel (BoI) lowered its benchmark interest rate to 1.25% yesterday, after sanctioning a second 25-basis point cut in as many weeks.

The move was motivated by ongoing concerns about the value of the Israeli shekel, as major central banks across the globe "accelerate" their monetary easing.

The BoI initially reacted by lowering the rate to 1.5% and announcing a programme of foreign exchange (forex) interventions in an emergency meeting held on May 13.

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