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dammfoolman

Israel Blinks First

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Aug. 24 (Bloomberg) -- The Bank of Israel raised the benchmark interest rate by a quarter of a percentage point, the first central bank to lift rates since signs of an easing in the global recession started in the second quarter.

Governor Stanley Fischer increased the lending rate to 0.75 percent, the Jerusalem-based central bank said today in a statement, after keeping it at a record low since March. Two of 12 economists surveyed by Bloomberg forecast the increase, while the rest expected Fischer to hold the rate steady.

The decision “strikes a balance between the need to moderate inflation and the need to continue to support the recent recovery in economic activity,†the bank said. “Setting the interest rate at the low level of 0.75 percent continues to represent an expansionary monetary policy.â€

http://www.bloomberg.com/apps/news?pid=206...id=aQQa5S4iEyNk

:ph34r:

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