Bank of Israel halts tightening cycle

Central bank signals it could raise rates further if inflation does not continue falling

Photo: David Vaaknin

The Bank of Israel maintained interest rates at 4.75% at its monetary policy meeting on July 10, halting its tightening cycle.

Nonetheless, the monetary committee signalled it is still willing to increase interest rates again if inflation fails to converge to the 1–3% target range over the medium term.

Officials noted inflation over the past 12 months was 4.6%. Although this remains over the target, it has been consistently declining throughout 2023.

“Looking at the past six months, and even

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