Basic interest rate to drop to lowest in Israeli history

By JPOST.COM STAFF
March 23, 2009 19:20

The Bank of Israel (BoI) will lower the basic interest rate in approximately one month by 0.25 percent to its lowest level in Israeli history, 0.5%, BoI Governor Prof. Stanley Fischer announced Monday afternoon. BoI economists stated that the move was aimed at lowering the cost of borrowing and easing the credit crunch. Israeli interest rates have already dropped by 3% in the last six months.


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