January 24, 2018 / 11:55 AM / a year ago

All 6 Bank of Israel MPC members voted to hold benchmark rate at 0.1 pct

JERUSALEM, Jan 24 (Reuters) - All six rate setters at Israel’s central bank voted to leave the benchmark interest rate at 0.1 percent on Jan. 10, the same it has been for three years, minutes of the discussions showed on Wednesday.

The committee members cited balanced economic growth, a tight labour market and a very low inflation rate, largely influenced by a strong shekel and government actions to reduce the cost of living.

“All the committee members agreed to keep the interest rate at its current level in view of the low inflation environment, monetary policy in major economies, and developments in the exchange rate,” the minutes said. “The committee emphasized that the monetary accommodation will remain in place as long as necessary in order to entrench the inflation environment within the (1-3 percent) target range.”

A rate hike is forecast for late 2018 or in 2019. (Reporting by Steven Scheer; Editing by Maayan Lubell)

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