JERUSALEM May 27 The Bank of Israel cut its benchmark interest rate on Monday for the second time this month as it continues to fight a strong shekel and slowing economic growth.
In its first regularly scheduled meeting in more than two months, the central bank lowered its key rate by a quarter-point to 1.5 percent. Six of the 13 economists polled by Reuters expected a rate cut while seven forecast no move.
The Bank of Israel on May 13 reduced its key rate by a quarter-point in a bid to weaken the shekel, which had appreciated sharply in recent months and threatened to further harm exports. At the same time, it said it would buy $2.1 billion of foreign currency.
(Reporting by Steven Scheer)