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The Bank of Israel raised the interest rate by 0.75% to 2% on Monday, marking the highest single-time rate hike in 20 years. The 2 leaders on the religious-Zionist right, Itamar Ben-Gvir (Otzma Yehudit) and Bezalel Smotrich (Religious-Zionism) said that this will be a catastrophe for the average Israeli household and blamed Prime Minister Yair Lapid and his outgoing coalition government’s policies for the situation.

Calling Lapid’s government a complete failure, Bezalel Smotrich said, “With a government that lacks personality and lacks economic experience and leadership ability, the only tool left to deal with inflation is the Bank of Israel’s interest rate. And it is devastating.”

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Smotrich added that the move will cause mortgages to be more expensive and may even send the Israeli economy into recession. And he said that raising the rate will not solve the inflation problem and that a, “serious government would take a series of measures that would affect market expectations and in any case prices and achieve the same result of the interest rate without its bad consequences.”

Calling the Lapid government “fraudulent,” Ben-Gvir said in a tweet that Israel’s economic woes are due to what he called the “wave of Abbas taxes.” Seemingly a reference to the massive budget the Bennett-Lapid government gave to the Ra’am party and it’s constituents, which is led by Mahmoud Abbas.

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