The Monetary Committee of the Bank of Israel decided Monday to keep the interest rate unchanged at 0.1 percent.
Since the last monetary discussion, there were relatively sharp changes in cross rates and the effective exchange rate appreciated by less than one percent, the committee said. In the past 12 months, the effective exchange rate strengthened by 9.4 percent.
“The Monetary Committee intends to maintain the accommodative policy as long as necessary in order to entrench the inflation environment within the target range.
“The Bank of Israel continues to monitor developments in inflation, the real economy, the financial markets, and the global economy, and will act to attain the monetary policy targets in accordance with such developments.”