News Briefs

  Adar 1, 5773 , 11/02/13

No Interest Rate Decisions around Passover and Sukkot

The Bank of Israel announced, Monday, that its monetary committee has resolved not to make decisions on the interest rate it charges to commercial banks around the Passover and Sukkot holidays. A statement from the bank said that in the weeks prior to the scheduled dates of these decisions, there's a lag in data due to low financial activity caused by holiday closures, making the information irregular.

2013 decisions will not be made at the end of April or September, so the interest rate set at the end of March will be in effect until the end of May and the rate set at the end of August will be in effect until the end of October. The dates will change in 2014 due to the nature of the solunar Hebrew calendar. The bank said the weekly meetings of the committee will continue even during months in which interest-rate decisions are not reached, noting that it is authorized by law to change the rate during intermeeting periods, should it deem changes as necessary.

Other archived news briefs:Feb 11 2013, 11:41 AM, 2/11/2013