Fischer: Interest rate will rise to 1%, but remain low in major banks

Fischer Interest rate t

Bank of Israel governor Stanley Fischer announced on Monday evening that the interest rate in Israel would be raised from 0.75 percent to 1 percent, mainly due to the relatively high inflation rates recorded in the past year. Interest rates in major banks, said the central bank's statements, are likely to remain low in the coming months. It also noted a recovery in Israel's economy, citing an increase in export, investment and private consumption due to the recovery of the global market.