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Bank Of Israel
Raises Rates
Jerusalem (JPFS) — The Bank
of Israel stunned the business
community recently when
announced it is raising its
short-term
short-term lending rate by
1.5 percent, more than twice
the increase analysts had ex-
pected.
The new short-term rate, 17
percent, returns the central
bank's basic price of credit to its
level of a year-and-a-half ago,
end will result in a similar in-
crease in the commercial banks'
prime rates.
Citing, among other factors,
May's 1.7 percent increase in
the consumer price index, which
pushed inflation to an annual
rate of 15 percent, the central
bank said it was compelled "to
• l•eturn inflation to a pace which
would be consistent with the
government's stated goals."
The previous government set
its inflation goal for this year at
8-10 percent, slightly higher
than last year's 26-year-low of
8.1 percent.
Besides the accelerated pace
sf inflation, the Bank of Israel
also cited the budgetary over-
expenditure so far this year, an
excess which leaves the bank no
option but to tighten the money
supply and thus push the
government to meet the deficit
limits to which it is bound by
\ law.
The currency markets re-
sponded to the move with in-
creased demands for the shekel,
which becomes more attractive
when interest rates rise.
Business executives were as-
tonished by the steep rate hike.
Manufacturers Association
\- President Dan Propper said the
/—
central bank's move harms the
commercial sector, further ag-
gravates the current-account
deficit, and will ultimately re-
sult in a recession. Mr. Propper
called on the government to
slash its budget deeply and lay
off civil servants.
'/= Chambers of Commerce As-
sociation President Danny
Gillerman called the rate hike
"hysterical" and said it "reflect-
ed (Bank of Israel) Governor Ja-
cob Frenkel's lack of confidence
in the new government." For-
mer Finance Minister Avraham
Shohat said the move was in-
\--- ;.ended to allow the central bank
to refrain from raising its rates
in upcoming months, when a se-
ries of expected low Consumer
Price Index increases will not
allow rate hikes.
Responding to his critics, Mr.
Frenkel said, "I did not exag-
\ gerate; the rates are relatively
• -low, when measured in real
terms."
Ofid
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