Bank of Israel lowers interest rate to 5 percent: The shekel interest rate is now less than the dollar interest rate of 5.25%. (Updated).

From: Globes | Date: November 27, 2006 | Copyright information

Byline: Zeev Klein

Nov. 27--The Bank of Israel has cut the interest rate for December 2006 by 0.25 percent to 5 percent. The central bank cut the interest rate by a similar amount a month ago. Market experts had expected the interest rate cut.

As a result of the cut, the shekel interest rate is now less than the dollar interest rate of 5.25 percent set by the Federal Reserve Board.

The Bank of Israel cited the following reasons for the interest rate cut:

--To gradually bring the inflation rate to around the midpoint of the inflation target range (2 percent), ...

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