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Despite Inflation Fears, Bank of Israel Not Raising Rates

The Bank of Israel has announced that it will not raise interest rates this month, as it has done in the last two months in an effort to curb the double-digit inflation that has beset Israel.

Bank of Israel Governor Jacob Frenkel said he would wait to see if the previous rate hikes have succeeded in slowing down rising inflation.

However, Frenkel told Israel Radio that if inflation rates do not decrease to the single digits, more drastic measures will be considered.