The BoI purchases 1.3bn USD in November; rate cut less likely

ISRAEL - Report 09 Dec 2019 by Jonathan Katz

The Bank of Israel purchased 1.3bn USD in November, signaling that FX intervention is currently the preferred monetary tool, and not lower rates. The fiscal deficit has stabilized at around 3.7% of GDP (LTM) since Q219 on some tighter spending and steady tax revenues. The Business Confidence Survey points to strong orders in both manufacturing and services. In politics, another election is closing in, but this will actually mean fiscal restraint in the short run.

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