Bank of Israel makes historic rate cut


JERUSALEM (JTA) — The governor of the Bank of Israel cut the interest rate to the lowest in the country’s history.

Stanley Fischer announced Tuesday that he cut the interest rate by 0.5 percent to a rate of 3 percent. The cut will go into effect Friday.

The rate cut was made to help Israel deal with the global economic slowdown, according to the office of the Bank of Israel spokesman.

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