Bank of Israel orders biggest rate rise since 2011
Central bank continues “monetary contraction” as Israel faces fifth election since 2019
The Bank of Israel’s monetary committee ordered a 50 basis point increase in the policy rate on July 4, bringing it to 1.25%. The decision is the largest rate increase the Israeli central bank has made since 2011.
In total, the central bank has raised the benchmark rate by 115bp in three consecutive decisions since April.
In comments to the press, Bank of Israel governor Amir Yaron said the central bank was “continuing to implement a process of monetary contraction”. He stressed policy-makers’
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