Israel Reduces Interest Payment on Deposits of Foreign Residents
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Israel Reduces Interest Payment on Deposits of Foreign Residents

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The Israeli Treasury announced today a reduction of interest paid on deposits held by foreign residents from five to four-and-a-half percent. The rate, originally six percent, has been gradually cut to the international level after the Treasury achieved its goal of encouraging foreign currency holdings in local banks. The reduction will apply to new deposits and to time deposits when they are renewed.

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