Albertina Currency Thoughts



Bank of Israel Holds Policy Rate Steady after Making Two Cuts in May

A decision to not cut Israel’s central bank interest rate more further was anticipated by a majority but not all analysts.

• The Bank of Israel had implemented two 25-basis point cuts in May and eight cuts since September 2011.
• At 1.25%, the key rate is back to its end-2009 level.
• Rising U.S. bond yields may alleviate some upward pressure on the shekel in coming months.

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• Although on-year CPI inflation of 0.9% last month was below the 1-3% target, BOI officials expect the CPI to rise 2.1% over the coming year.
• Expected inflation in the market place remains near the target mid-point.
• GDP growth has slowed recently and is likely to be marginally below 3% this year and next.
• This was the final meeting for Governor Stanley Fisher. Jacob Frenkel, who held the post in 1991-00, is coming back to head the central bank.

Copyright 2013, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

This entry was posted on Monday, June 24th, 2013 at 12:14 pm and is filed under Central Bank Watch. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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