News Briefs

  10/24/2011, Tishrei 26, 5772

Interest Rates Remain Unchanged

Interest rates will remain unchanged next month. The Bank of Israel announced Monday that the bank's prime rate would remain at 3%. The Bank said that prices over the past month had remained within the annual 1%-3% inflation rate that the Bank was seeking, and that there was no reason to raise rates at this time.

The Industrialists Association said after the announcement that it would have been better if the BOI had reduced rates. The expected slowdown in the world economy was already affecting Israel, the Association said, and the Bank needed to stimulate the economy.