Bank of Israel Hikes Benchmark Interest Rate to 3.75 Percent

Posted on 01/03/2023

On January 2, 2023, the Bank of Israel boosted its benchmark interest rate to 3.75%, the highest rate since 2008. The central bank increased the rate for the seventh straight meeting, raising its key lending rate by 50 basis points. The Bank of Israel is trying to control inflation. With growing housing and food costs, Israeli inflation accelerated to 5.3% in November 2022 over the previous 12 months.

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