March 12, 2018 / 11:51 AM / a year ago

5 of 6 Bank of Israel MPC members voted to keep key rate at 0.1 pct

JERUSALEM, March 12 (Reuters) - Five of the six rate setters at Israel’s central bank voted to leave the benchmark interest rate at 0.1 percent on Feb. 26, the same it has been for three years, minutes of the discussions showed on Monday.

The committee members cited a very low inflation environment and argued that raising rates before inflation returns to its annual target range of 1 to 3 percent would keep the interest rate at a low level.

They also said the economy was growing at a pace similar to its potential growth rate and that the shekel was over-appreciated.

A rate hike is expected in late 2018 or in 2019. (Reporting by Steven Scheer; Editing by Tova Cohen)

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