Interest rate raised to 4%

Bank of Israel Governor Stanley Fischer raised the shekel interest rate for November by one quarter of a percentage point to 4 percent Monday, confirm

By DANIEL KENNEMER
October 24, 2005 22:22

Bank of Israel Governor Stanley Fischer raised the shekel interest rate for November by one quarter of a percentage point to 4 percent Monday, confirming expectations that he would anticipate a predicted raise in the dollar rate. "The Bank of Israel's models indicate the need to raise the interest rate to maintain price stability," the central bank said in a statement, noting that inflation expectations have risen over the past two months. The Bank of Israel set 1-3% inflation as the "price stability" target for the year. Israel's Consumer Price Index rose 0.1% in September, bringing inflation to 1.9% over the previous twelve months, due mostly to an unexpected 1.1% price surge in July.



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