Bank of Israel opts to leave benchmark interest rate unchanged at ¾%

By Richard Connell

New York, Oct. 26 - The Bank of Israel left its benchmark interest rate at ¾% at its meeting on Monday, according to a news release issued by the bank.

The bank noted that the CPI fell by 0.3% in August but over the last 12 months has increased by 2.8% and since the beginning of the year by 3.4%.

Looking forward, the bank forecast that inflation over the next 12 months would be 2.4%, within the inflation target range.

The bank also examined data which showed a turnaround in real economic activity, pointing out increases in manufacturing production, trade and services revenue, services exports and imports, while goods exports declined.

The bank left the interest rate at ¾% with an eye on keeping inflation in the target range while helping the recovery in real economic activity and supporting financial stability.

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