Fischer expected to hold October rates

Rafi Gozlan at Prisma Investment House said that given the recent strength of the shekel against dollar and expectations that it would lower inflation to the effect of a negative consumer price index in coming months.

By SHARON WROBEL
September 24, 2007 08:00

 
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Bank of Israel Governor Stanley Fischer is expected tonight to leave interest rates for October unchanged at 4 percent in view of the sharp appreciation of the shekel against the dollar following last week's interest rate cut of 50 basis points by the US Federal Reserve, according to analysts surveyed by The Jerusalem Post, after the Fed cut narrowed the interest rate gap between the two countries. Rafi Gozlan at Prisma Investment House said that given the recent strength of the shekel against dollar (which closed just under 4.05 on Friday) and expectations that it would lower inflation to the effect of a negative consumer price index in coming months, the central back would take a pause and only start raising the base lending rate again in the first quarter of 2008.

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