"The monetary policy aimed at stabilizing the rate of inflation within the price stability target range of 1–3% over the coming 12 months, and is intended to support growth while preserving financial stability"
The Bank of Israel held its benchmark interest unchanged at 3%. The Bank noted in its press release: “The decision to leave the interest rate for November unchanged after reducing it for October is in line with monetary policy aimed at stabilizing the rate of inflation within the price stability target range of 1–3% over the coming 12 months, and is intended to support growth while preserving financial stability. The path of the interest rate in the future depends on developments in the inflation environment, growth in Israel, the global economy, the monetary policies of major central banks, and developments in the exchange rate of the shekel.”
Last week's interest rate decision was the first to be made by the six-member Monetary Committee pursuant to the new Bank of Israel Law (5770-2010). The Monetary Committee has six members: Governor of the Bank of Israel Prof. Stanley Fischer, Deputy Governor Dr. Karnit Flug, senior advisor to the governor Barry Topf, and three public members - Prof. Reuben Gronau, Prof. Rafi Melnick, and Prof. Alex Cukierman.
