Bank of Israel chooses to leave interest rate unchanged at ½%

By Richard Connell

New York, June 22 - The Bank of Israel left its benchmark interest rate at ½% at its meeting on Monday, according to a news release issued by the bank.

The bank noted that the inflation rate was 2.8%, the first time since December 2007 that it fell within the inflation target range.

The bank forecast that inflation would remain at the upper level of the target range for the medium term, before declining to the middle of the range.

The bank pointed out that it expected that economic activity would remain subdued in the coming months, and hinted that it would keep the interest rate low for the foreseeable future.

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