BoI tapers bond purchases, but FX intervention remains strong

ISRAEL - Report 10 May 2021 by Jonathan Katz

Unofficial bond tapering by the BoI is apparent, while FX intervention increased sharply in April. Economic indicators remain robust, especially business sector surveys and consumer confidence. The cumulative fiscal deficit in the last 12 months to April declined to 11.2% on strong tax revenues due to lower Covid-related expenditures. We expect a CPI of 0.5% m/m in April (1.0% y/y) on strong seasonality, pent-up demand, supply disruptions and higher commodity prices.

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