Bank of Israel holds rates at 4.75% in first rate decision since Hamas attack

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The Bank of Israel opted to hold interest rates at 4.75%, two weeks after the surprise attack by Hamas. The central bank said that assuming the war “will be concentrated on the southern front during the fourth quarter of the year,” it expects GDP growth of 2.3% this year and 2.8% next year, though it said the forecast was accompanied by “particularly high uncertainty.” The Bank of Israel previously announced a plan to sell up to $30 billion in currency. The dollar
was volatile against the shekel as the decision was announced, but recently was little moved at 4.0609 shekel.

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