Israel's central bank keeps base interest rate at 0.1 pct

0 Comment(s)Print E-mail Xinhua, February 23, 2021
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JERUSALEM, Feb. 22 (Xinhua) -- Israel's central bank announced on Monday that it will keep the base interest rate for the next eight weeks at 0.1 percent.

The decision was made against the background of the coronavirus crisis that affected the Israeli economy and negative inflation, which has fallen by 0.4 percent in the last 12 months, far below the government target of 1 to 3 percent.

The bank said that the fast pace of the inoculation process in Israel increases the optimism regarding a rapid return of the economy to a path of growth this year.

The bank noted, however, that the risks to economic activity remain high, mainly in view of the risk of additional morbidity waves due to the spread of the virus mutations.

"The adverse impact on the economy, and particularly on the labor market, is expected to be prolonged," the bank added.

The bank said it will expand the use of tools, including the interest rate tool, to achieve its monetary policy goals and to moderate the adverse economic impact resulting from the crisis. Enditem

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