19:10
Reported

News Briefs

  Adar 19, 5768 , 25/02/08

Fischer Cuts Interest by 0.5%

Bank of Israel Governor Professor Stanley Fischer announced Monday that he would reduce the interest rate by 0.5 percent for the month of March.  The decision is meant to maintain stable prices, in accordance with the government’s goal of maintaining a one to three percent rate of inflation.

Industrialists and exporters had put heavy pressure on Fischer to lower the interest in recent weeks.  They argued that the high rate of interest was keeping the shekel unusually strong in comparison to the United States dollar, thereby decreasing profits made on goods sold abroad.


 

Other archived news briefs:Feb 25 2008, 07:10 PM, 2/25/2008