Bank of Israel holds rate as Gaza conflict continues

Central bank stresses Israeli economy remains stable, but predicts increased deficits

The Bank of Israel
Photo: David Vaaknin

The Bank of Israel (BoI) held its policy rate steady today (October 23) at 4.75%. This is the first monetary policy meeting since the outbreak of the war, which followed Hamas terrorist attacks against Israel from Gaza on October 7.

“In view of the war, the monetary committee’s policy is focusing on stabilising the markets and reducing uncertainty,” the central bank said in its statement.

The BoI carried out a tightening cycle between April 2022 and May 2023, raising the policy rate from 0.1%

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