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All 4 Israel MPC members voted to hold benchmark rate at 0.1 pct -minutes
October 10, 2016 / 10:52 AM / a year ago

All 4 Israel MPC members voted to hold benchmark rate at 0.1 pct -minutes

JERUSALEM, Oct 10 (Reuters) - All four rate setters at Israel’s central bank voted to keep the benchmark interest rate at 0.1 percent for a 19th straight month on Sept. 26, minutes of the discussions showed on Monday.

Bank of Israel policymakers cited rising wages that would likely increase the inflation rate, which is currently at -0.7 percent, as well as strong second-quarter economic growth.

The monetary policy committee “agreed that the current interest rate level is in line with the low inflation environment and with domestic activity - taking into account the global situation, both in terms of economic activity and in terms of monetary developments in major economies - and that it supports the return of inflation to its target range,” the minutes said.

Israel’s economy grew an annualised 4 percent in the second quarter, prompting the central bank to raise its 2016 economic growth estimate to 2.8 percent from 2.4 percent.

Reporting by Steven Scheer

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