The Bank of Israel raised interest rates by another 0.5 percent on Monday to 4.25 percent.
This is the eight consecutive time the central bank has raised rates in the last 10 months, since the Bank of Israel’s monetary committee began raising rates in April 2022.
The forecasts last month were for a more moderate hike of 0.25 percent, but in the end the central bank increased rates by the same half percent as in January.
This will lead to higher interest rates on loans and mortgages. The average monthly mortgage payment has now risen by about 900 shekels (about $250) in less than a year.
The decision was part of the Bank of Israel’s fight against rapidly rising inflation.
Last week, it was reported that the consumer price index had risen by 5.4 percent over the last 12 months – from January 2022 to January 2023 – reaching the highest level in 14 years.Â
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