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Bank of Israel hikes interest rate for 5th time to curb inflation

Bank of Israel hikes interest rate for 5th time to curb inflation
Interest rate hike is fifth in Israel since April

JERUSALEM (AA) – The Bank of Israel on Monday raised the benchmark interest rate by 0.75% to reach 2.75% in an attempt to curb high inflation rates.

In a statement, the bank said the inflation is registering high levels and exceeds the percentage set by the bank, which is 2%.

With the new hike, the interest rate reaches its highest level since January 2021.

The bank, however, said economic activity in Israel remains strong with indicators showing an increase in the gross domestic product.

According to the statement, the inflation rate is expected to reach 4.6% in 2022, but will decrease to 2.5% by 2023.

The interest rate increase is the fifth in Israel since April. In August, the bank raised the interest rate by 0.75% to reach 2%, the highest in 20 years.

*Writing by Ahmed Asmar

source: News Feed
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