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Bank of Israel’s decision to raise interest rates above expectations

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The central bank, which increased the policy rate from 0.35% to 0.75% with a sudden fiscal tightening attack against the strong rising trend in consumer prices, increased the interest rate for the first time since the beginning of the Covid-19 epidemic at the monetary policy meeting in April.

INCREASED OVER EXPECTATIONS

All 14 economists who voted in the Reuters poll expected a rate hike, while 11 predicted a 0.25% increase.

Annual inflation in Israel, announced in April, was 4%, peaking in 11 years, exceeding the government’s target of 1% to 3% inflation.

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