Fischer makes surprise 3% interest rate cut

By GLOBES' CORRESPONDENT
September 26, 2011 19:07

 
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Governor of the Bank of Israel Prof. Stanley Fischer has cut the interest rate for October 2011 by 25 basis points to 3 percent. The move took most analysts by surprise; the consensus was that he would keep the interest rate unchanged.

The Bank of Israel cited the negative turnaround in the global economy for the interest rate cut. It also noted that inflation is back within the target range.

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