Monday, August 24, 2009

Israel Hikes Rates in Surprise Move

In a surprise move, the Israeli central bank increased interest rates by 25 basis to 0.75%.

Israel's economy grew in the second quarter at an annual rate of 1%, a reversal from the decline of 3.7% seen in the first quarter of the year.

Overall, at the Jackson Hole, Wyo., conference last week, central bankers were cautious on the prospects of an economic recovery and gave no indication of any rush to raise interest rates.

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