The Bank of Israel implemented its first rate hike since 2011 today (November 26), in a move that caught markets off guard.
The monetary committee chose to raise the policy rate by 15 basis points to 0.25%, ending a period of extraordinarily low rates. The consensus forecast had been for rates to remain on hold at 0.1%.
Since incoming governor Amir Yaron is not due to take up the role until next month, interim governor Nadine Baudot-Trajtenberg presided over the meeting.
The central bank