April 6, 2020 / 1:02 PM / 2 months ago

Bank of Israel cuts key rate to 0.1% from 0.25%

TEL AVIV, April 6 (Reuters) - The Bank of Israel lowered its benchmark interest rate to 0.1% from 0.25% for its first rate cut in five years on Monday, joining other central banks in helping the economy cope with the coronavirus outbreak.

Of the 12 economists polled by Reuters, six had expected no change in the interest rate, while the other six projected a 15 basis point reduction to 0.1%.

The central bank last month projected an economic contraction in 2020 due to the partial lockdown stemming from the coronavirus pandemic, while Governor Amir Yaron had signalled no rate reduction is planned for now. (Reporting by Steven Scheer; Editing by Tova Cohen)

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