Israel cuts rates and buys forex in moves to ward off ‘Dutch disease'

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The Bank of Israel (BoI) today cut its benchmark interest rate from 1.75% to 1.50% and unveiled a new programme of intervention in foreign exchange (forex) markets to restrain its appreciating currency in light of newly started offshore gas production and monetary easing measures across the globe.

The rate cut was announced outside of the monetary committee's usual decision-making schedule – for the first time since 2008 – due to what the central bank said was unspecified "crucial information"

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