Israel: Increased Pressure For Further Cuts

March 2008
Emerging Markets Monitor;3/17/2008, Vol. 13 Issue 47, p18
Country Report
The article forecasts the further monetary easing activities from the Bank of Israel (Bol) as the U.S. dollar weakness continues in March 2008. It is stated that the Israeli shekel (ILS) is trading around ILS3.42/U.S.$ and its resilience is credited to the weakening of U.S. dollar at U.S.$1.49/EUR. On February 25, 2008, Bol decided to cut rates by 50 bps and the bank is anticipated to cut by another 50 bps on March 18. A GDP growth of 4.0% in 2008 and a stronger shekel in 2009 are also expected.


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