Bank of Israel increases rates by 25bp to 4.75%

Central bank stresses inflation slowed down over the last three months

Photo: David Vaaknin

The Bank of Israel increased the policy rate by 25 basis points at its monetary policy meeting on May 22.

The main rate now stands at 4.75%, the highest level in 17 years. The policy statement pointed out inflation remains considerably over the 1–3% inflation target. It hit 5% in April.

Nonetheless, the monetary committee adds: “Looking at the past six months, and even more so over the past three months, the pace of inflation is lower than the year-on-year inflation.”

Inflation expectations

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