Bank Of Israel Raises Key Interest Rate

The Bank of Israel raised its key interest rate on Monday by 25 basis points to 1.2%. The new rate becomes effective January 1.

In late August, the Bank of Israel was the first bank globally to raise rates since the financial crisis, increasing the rate from a historic low of 0.50% to 0.75%. Then in late November, the bank raised the rate again by 25 basis points to its current December rate of 1%.