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Fischer cuts interest rate

The rate was cut by 0.25%. It will now be 1% below the Fed rate, for the time in Israeli history.

Governor of the Bank of Israel Prof. Stanley Fischer cut the February interest rate by 25 base points to 4.25%, following December's cut of 50 base points to 4.5%. The interest rate will now be 1% below the US Federal Reserve Board rate, for the time in Israeli history.

The Bank of Israel said, “Expectations derived from the yield curve imply a further reduction in the interest rate in the course of the next twelve months. Forecasters predict an inflation rate for the next 12 months of 1.9 percent, close to the midpoint of the target range. They also expect, on average, that the Bank of Israel interest rate will reach 4.5 percent at the end of 2007… National accounts data show a return to the high rate of economic growth that characterized the economy in the first half of 2006.”

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