Israel’s central bank raised rates again on Monday as the country continues to battle high inflation.
The Bank of Israel’s Monetary Policy Committee said it raised rates by 0.25% to 4.75%. The committee cited inflation being “above the target range” at 5% in April, according to a statement.
The Bank of Israel’s target range for inflation is 1-3%.
Why it matters: The Bank of Israel has been aggressively raising interest rates for a year to combat inflation, instituting 10 straight rate hikes since April of 2022. The current interest rate is the highest since the 5.5% set by the Bank of Israel in 2006.