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Bank of Israel

War and change in the Middle East

War and change in the Middle East

Updated 12 Oct, 2023 06:34am
Once again war is poised to shake the political calculus of the Middle East. For, it’s always war, never peace...
Bank of Israel holds benchmark interest rate at 0.1%

Bank of Israel holds benchmark interest rate at 0.1%

Published 05 Jul, 2021 06:23pm
  • All 16 economists polled by Reuters had said they expected the monetary policy committee to keep rates steady after doing so ever since cutting them from 0.25% more than a year ago.
Bank of Israel bought $3bn of forex in May

Bank of Israel bought $3bn of forex in May

Published 07 Jun, 2021 06:47pm
  • The reserves, which represent 48.3% of Israel's GDP, grew $4.35 billion last month, the central bank said.
  • The Bank of Israel has said it would buy up to 85 billion shekels worth of government bonds.
Bank of Israel keeps benchmark interest rate at 0.1pc

Bank of Israel keeps benchmark interest rate at 0.1pc

Published 31 May, 2021 07:07pm
  • Israel's inflation rate moved to 0.8% in April from 0.2% in March, just below the government's 1-3% annual target range. While the economy contracted an annualised 6.5% in the first quarter from the prior three months, growth is expected to reach 4-6% in 2021 given more than half of Israeli adults are already vaccinated and the economy has largely reopened.
Bank of Israel calls for more incentives to get people back to work

Bank of Israel calls for more incentives to get people back to work

Published 03 May, 2021 07:55pm
  • Five out of six MPC members had voted to keep Israel's benchmark interest rate at 0.1% on April 19, minutes of the discussions showed on Monday
  • "The opening of the economy and the return to normal life in Israel are expected to support continued rapid growth in the coming year," the minutes said.
Israel should not extend unpaid leave job benefits, central bank chief says

Israel should not extend unpaid leave job benefits, central bank chief says

Updated 06 Apr, 2021 07:29pm
  • "Don't extend them," Yaron told Prime Minister Benjamin Netanyahu when he delivered the Bank of Israel's annual report. "Let people understand they need to return to the employment cycle."
  • Israel's economy shrank 2.5% in 2020 due to the virus, but Yaron said Israel's performance was decent versus other countries due to strong high-tech exports.
Bank of Israel holds benchmark interest rate at 0.1pc

Bank of Israel holds benchmark interest rate at 0.1pc

Updated 22 Feb, 2021 10:06pm
  • All 15 economists polled by Reuters had said they expected the monetary policy committee to keep rates steady after doing so ever since cutting them from 0.25% early last April.
  • Central bank officials have expressed reluctance to lower the key rate from an all-time low to zero or into negative territory despite a strong shekel and three lockdowns.
Bank of Israel's statement after monetary policy meeting

Bank of Israel's statement after monetary policy meeting

Updated 22 Feb, 2021 10:06pm
  • The broad unemployment rate increased during the third lockdown, to about 20 percent in the second half of January, after having declined to about 13 percent during the period between the lockdowns.
  • From the previous interest rate decision until January 14, the shekel strengthened by 3.2 percent in terms of the nominal effective exchange rate.
Dented by COVID-19, Israeli economy dips 2.4pc in 2020

Dented by COVID-19, Israeli economy dips 2.4pc in 2020

Published 16 Feb, 2021 05:16pm
  • It was the first time the economy had shrunk since a marginal decline in 2002, but Israel in 2020 outperformed a 5.5% average contraction in OECD countries.
  • The economy, which grew 3.4% in 2019, had been expected to shrink 3.3% to 3.7% in 2020 based on government and central bank estimates because of COVID-19.
Bank of Israel says COVID crisis has had minimal stability impact

Bank of Israel says COVID crisis has had minimal stability impact

Published 01 Feb, 2021 07:39pm
  • Israel has extended its third and latest lockdown until at least Friday as high levels of COVID-19 infections persist, despite the country's rapid vaccine rollout.
  • Based on Tax Authority data, the volume of business closures declined markedly during the crisis, the report said.
Bank of Israel seeks to prevent 'over-appreciation' of shekel

Bank of Israel seeks to prevent 'over-appreciation' of shekel

Published 18 Jan, 2021 07:05pm
  • The central bank said on Thursday it planned to buy $30 billion of foreign currency in 2021 - up from $21 billion in 2020.
  • We are trying to prevent an over-appreciation of the currency (shekel) in the short term that will make it difficult for companies when the exchange rate comes back
Bank of Israel to buy $30 bln of forex in 2021 to stem shekel surge

Bank of Israel to buy $30 bln of forex in 2021 to stem shekel surge

Published 14 Jan, 2021 09:12pm
  • The shekel earlier in the day reached 3.11 per dollar, its strongest level since 1996. It changed directions after the bank's announcement, weakening to 3.19.
  • The central bank said the policy change would also support the economy against the ramifications of the COVID-19 crisis.
Bank of Israel sees strong rebound if vaccine rolled out quickly

Bank of Israel sees strong rebound if vaccine rolled out quickly

Published 04 Jan, 2021 08:44pm
  • The bank left its benchmark interest rate at 0.1% for a sixth straight meeting, in line with analysts' forecasts in a Reuters poll.
  • The central bank said that if the rapid rate of inoculation was maintained, it forecast the economy to grow by 6.3% in 2021 and 5.8% in 2022.
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