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Bank of Israel Holds Interest Rate With Shekel Going Strong

  • All 12 economists surveyed by Bloomberg predicted the decision
  • Bank of Israel on hold as growth improves on consumption

The Bank of Israel kept its benchmark interest rate at a record low amid expectations it won’t begin raising rates until months after the Fed does.

The central bank left its interest rate at 0.1 percent for a 19th month, as predicted by all 12 economists surveyed by Bloomberg. Improving economic indicators, including surprisingly strong second-quarter economic growth of 3.7 percent, mean a rate cut is off the table for now, even as the shekel trades at an all-time high against a basket of currencies.

Before the Bank of Israel raises rates, inflation “needs to be in positive territory,”...