News Briefs

  שבט 24, 5768 , 31/01/08

Dollar at 3.61 Shekels after U.S. Cuts Interest Rate

The dollar dropped to another 10-year law of 3.61 shekels Wednesday evening after the American Federal Reserve Bank cuts the interest rate by another half a percent. Last week, the bank announced a surprise three-quarters of a percent drop in the rate in an attempt to encourage economic growth.

The Bank of Israel this week decided to change its interest rate, which is far higher than the American rate and leaves the shekel more attractive to investors. Pressure is mounting on the Israeli central bank to cut the rate because of its adverse effects on exports.

Other archived news briefs:Jan 31 2008, 06:22 AM, 1/31/2008