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Showing posts with label bankofIsrael. Show all posts
Showing posts with label bankofIsrael. Show all posts
Wednesday, 26 August 2015
Wednesday, 3 September 2014
Monetary Policy Review for Bank of Israel and Central Bank of Iceland and Bank of Namibia
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| Central Bank of Israel cuts Interest Rate on 25 August 2014 |
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| The Central Bank Of Iceland maintains its Benchmark Seven day Lending Rate on 20th August 2014 |
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| The Central Bank Of Namibia raises its Benchmark Repo Rate on 20th August 2014 |
Bank of Israel , As on 25th August 2014 reduces the #InterestRate
for September 2014 by 0.25 percentage points, to 0.25 percent.
The Bank of Namibia cuts its Benchmark #RepoRate to 6.0% per annum
Data compiled and released by Bank of Namibia.
The Central Bank of Iceland maintains its Benchmark #SevenDayLendingRate at 6.0% per annum
Data compiled and released by Central Bank of Iceland
#SedlaBankiIslands #Iceland #MonetaryPolicy
#Namibia #BankIsrael #CentralBankOfIsrael #Israel
For more Informative post click :
https://www.linkedin.com/company/jhunjhunwalas
Saturday, 8 March 2014
Israel Central Bank cuts interest rates by 25 bps on surprise fall in inflation
24th February 2014
Israel's central bank cut its benchmark interest rate by 25 basis points to 0.75 percent after a surprise fall in January inflation, pessimism among consumers and continued strength of the shekel.
The Bank of Israel (BOI), which cut its rate by 75 basis points in 2013, said the decision to cut the rate was consistent with the bank's aim of entrenching inflation within a 1-3 percent range and it would use its tools to achieve this objective along with encouraging growth and employment while it would continue to keep a close watch on asset markets, including the housing market.
Israeli consumer prices fell by 0.6 percent in January, higher than an expected 0.2 percent fall, pushing down the annual inflation rate to 1.4 percent from 1.8 percent in December. As a consequence, private forecasters reduced their inflation projections to an average of 1.6 percent over the next 12 months while capital market's expectations were steady at 1.9 percent and inflation expectations derived from banks' own interest rates were unchanged at 1.4 percent.
Private forecasters and market interest rates also indicated "some probability" of a cut in rates by the BOI over the next three months while expectations for a cut over the next year are lower and some forecasters even expect an interest rate increase, the central bank said.
Since the beginning of the year, Israel's shekel has depreciated by almost 1 percent and immediately fell further after the rate cut, dropping to 3.517 to the U.S. dollar from 3.50 before the announcement.
But since the start of 2013, the shekel has risen by 7.3 percent the bank said, despite the BOI's efforts to hold down the shekel's exchange rate by intervening in the foreign exchange market to help the country's exporters that account for some 40 percent of the economy.
This year the BOI has targeted foreign exchange purchases of $3.5 billion, up from $2.1 billion in 2013, to help offset the impact of natural gas production on the exchange rate.
Recent data show that Israel's economy is "growing at a moderate pace," with estimates showing that fourth quarter Gross Domestic Product expanded by an annual rate of 2.3 percent, down from 3.3 percent in the third quarter, with a turnaround in exports mainly to volatile pharmaceutical exports while exports from labour-intensive industries are at a virtual standstill, the BOI said.
Various indicators of activity in January point to some recovery but consumer confidence indices continue to signal pessimism and there is a lack of growth in employment and wages in business.
Israel's unemployment rate rose to 5.8 percent in December from 5.5 percent the previous month with real wages declining by 0.4 percent in the September-November period from June-August.
Isreali home prices, which are not included in consumer prices, rose by an annual 8.1 percent in December, up from 7.9 percent in November, and the number of transactions hit its highest level since 1997 with the share of investors in transactions steady at around 22 percent, the central bank said.
Israel cuts rate by 25 bps on surprise fall in inflation - Central Bank News
Israel's central bank cut its benchmark interest rate by 25 basis points to 0.75 percent after a surprise fall in January inflation, pessimism among consumers and continued strength of the shekel.
The Bank of Israel (BOI), which cut its rate by 75 basis points in 2013, said the decision to cut the rate was consistent with the bank's aim of entrenching inflation within a 1-3 percent range and it would use its tools to achieve this objective along with encouraging growth and employment while it would continue to keep a close watch on asset markets, including the housing market.
Israeli consumer prices fell by 0.6 percent in January, higher than an expected 0.2 percent fall, pushing down the annual inflation rate to 1.4 percent from 1.8 percent in December. As a consequence, private forecasters reduced their inflation projections to an average of 1.6 percent over the next 12 months while capital market's expectations were steady at 1.9 percent and inflation expectations derived from banks' own interest rates were unchanged at 1.4 percent.
Private forecasters and market interest rates also indicated "some probability" of a cut in rates by the BOI over the next three months while expectations for a cut over the next year are lower and some forecasters even expect an interest rate increase, the central bank said.
Since the beginning of the year, Israel's shekel has depreciated by almost 1 percent and immediately fell further after the rate cut, dropping to 3.517 to the U.S. dollar from 3.50 before the announcement.
But since the start of 2013, the shekel has risen by 7.3 percent the bank said, despite the BOI's efforts to hold down the shekel's exchange rate by intervening in the foreign exchange market to help the country's exporters that account for some 40 percent of the economy.
This year the BOI has targeted foreign exchange purchases of $3.5 billion, up from $2.1 billion in 2013, to help offset the impact of natural gas production on the exchange rate.
Recent data show that Israel's economy is "growing at a moderate pace," with estimates showing that fourth quarter Gross Domestic Product expanded by an annual rate of 2.3 percent, down from 3.3 percent in the third quarter, with a turnaround in exports mainly to volatile pharmaceutical exports while exports from labour-intensive industries are at a virtual standstill, the BOI said.
Various indicators of activity in January point to some recovery but consumer confidence indices continue to signal pessimism and there is a lack of growth in employment and wages in business.
Israel's unemployment rate rose to 5.8 percent in December from 5.5 percent the previous month with real wages declining by 0.4 percent in the September-November period from June-August.
Isreali home prices, which are not included in consumer prices, rose by an annual 8.1 percent in December, up from 7.9 percent in November, and the number of transactions hit its highest level since 1997 with the share of investors in transactions steady at around 22 percent, the central bank said.
Israel cuts rate by 25 bps on surprise fall in inflation - Central Bank News
Sunday, 29 September 2013
Israel Central Bank cuts rate 25 bps to 1% on low inflation in beginning of this week
Israel's central bank cut its policy rate by 25 basis points to 1.0 percent due to inflation below the midpoint of the bank's target range, slower-than-expected domestic growth, a possible slowdown in advanced economies and continued appreciation of the shekel currency.
The Bank of Israel (BOI), which has now cut rates by 75 basis points this year - including two cuts in May to stem the rise in the shekel - cut its forecast for growth this year to 2.6 percent from a previous forecast of 2.8 percent, excluding the contribution of natural gas production from the new Tamar site.
Including gas production, Israel's Gross Domestic Product is forecast to expand by 3.6 percent this year, down from 3.8 percent in the previous forecast.
Next year, Israel's economy is expected to slow down from this year due to a smaller contribution of gas output to economic growth, a decline in the growth of public spending and lower growth in private consumption due to higher taxes, the BOI said.
GDP in 2014 is forecast to grow by 2.7 percent, up from a previous forecast of 2.5 percent, excluding gas output. Including gas output, Israel's economy is forecast to growth by 3.4 percent, up from a previous forecast of 3.2 percent.
Israel's economy expanded by 1.2 percent in the second quarter from the first for annual growth of 3.69 percent, up from 3.16 percent and the highest growth rate in the last 18 months, boosted by the output from the recently opened gas field off the coast of Israel.
"The decision to reduce the interest rate for October 2013 by 0.25 percent to 1 percent is consistent with the Bank of Israel's monetary policy, which is intended to entrench the inflation rate within the price stability target of 1–3 percent a year over the next twelve months, and to support growth while maintaining financial stability," the BOI said.
Israel's inflation rate fell to a lower-than-expected 1.3 percent in August from 2.2 percent in July due to lower clothing and food prices but forward expectations for two years and longer were stable at 2.3-2.6 percent. Private forecasters project September inflation to rise by 0.2 percent.
The BOI forecasts 2014 inflation of 1.9 percent, near the midpoint of its target range. The BOI's benchmark interest rate was forecast to decline in the fourth quarter to 1.0 percent and then rise to 1.25 percent at the end of next year.
While Israel's economy continues to grow at a rate that is similar to that of the previous two years - with higher domestic demand offsetting lower exports - the BOI said preliminary indicators for the third quarter point to a moderation of private consumption and "the global picture indicates a possible slowdown in the rate of improvement in advanced economies, with continued moderation in emerging economy growth."
The BOI cited the U.S. Federal Reserve's decision to push off the start of the tapering of its bond purchases until there is evidence of a sustained improvement in economic activity in light of "mostly weak" economic data this month, particularly employment figures along with the rise in bond yields and mortgage rates since the Fed's initial signal that it was planning to taper quantitative easing.
Data from Europe was also mostly negative this month, most indicators in Japan showed that the "economic recovery has halted" and in "China is appears that the economic recovery has halted" while most emerging markets indicate a slowdown.
Since the last meeting of the BOI in August, the shekel has strengthened 2.3 percent against the U.S. dollar and by 1 percent in terms of the nominal effective exchange rate against the euro, the BOI said. The shekel was trading at 4.76 to the euro today.
Since the beginning of the year, the effective exchange rate of the shekel is up by 6.7 percent.
Israel cuts rate on low inflation, trims growth forecast - Central Bank News
for more details log on to Bank of Israel website : http://www.bankisrael.gov.il/en/Pages/Default.aspx
Tuesday, 25 June 2013
Israel Central Bank News
Israel's central bank held its policy rate steady at 1.25 percent, saying inflation is expected to remain around the center of its target range in the coming year, that recent rate cuts were a response to slower economic growth, home prices have moderated and the upward pressure on the shekel should ease as the U.S. Federal Reserve plans to remove its policy accommodation in the future.
The Bank of Israel (BOI), which cut rates twice in May to weaken the shekel currency, said it would keep a close eye on asset markets, including the housing market, and continue to monitor the impact of its recent steps, "particularly in light of the continuing uncertainty in the global economy," and would "act as necessary in the future."
It was the final decision by the BOI under present Governor Stanley Fischer, who is stepping down at the end of this month and being replaced by Jacob Frenkel, BOI governor from 1991 to 2000.
The Israeli shekel has come under upward pressure since mid-2012 as investors sought higher yields due to ultra-low interest rates in advanced economies, along with the start of natural gas production.
This year the shekel has risen by 2.4 percent against the U.S. dollar, trading around 3.64 per dollar today, but down from a high of 3.55 in early May following two BOI rate cuts the same month and a decision to intervene foreign exchange markets.
The BOI said the appreciation of the shekel against the dollar was in contrast to the global trend, taking place against the background of sales of domestic companies to foreign investors, a current account surplus in the first quarter and "extensive foreign exchange sales by nonresidents."
The Federal Reserve's announcement last week that it would start to taper its asset purchases later this year, assuming the economy continues to improve, has hit global financial markets hard with funds flowing out of many emerging markets, global stocks and bonds.
Bond yields in the U.S. have jumped and the BOI said that if this "increase, should it continue, is likely to moderate the forces for appreciation of the shekel."
Global growth forecast have recently been revised downward, the BOI noted, primarily due to weakening momentum in emerging markets, while optimism about the U.S. economy was "reflected recently in remarks by the Chairman of the Federal Reserve."
The Israeli economy appears to be slowing in recent months, the BOI said, pointing to economic activity indicators, with slower growth seen in the business sector, a worsening of investment and imports and a virtual standstill in the exports.
In the first quarter of this year, Israel's Gross Domestic Product grew by 0.66 percent from the previous quarter for annual growth of 2.7 percent, up from 2.6 percent.
The BOI's staff, which released its latest forecast, expects 2013 economic growth of 3.8 percent, including the effect of natural gas production, but 2.8 percent excluding gas output, down from 3.2 percent in 2012. The 2013 forecast is unchanged.
For 2014, the BOI staff revised downwards its forecast due to a fiscal program to tackle deficits, forecasting growth of 3.2 percent including gas output, down from a previous forecast of 4.0 percent, and growth of 2.5 percent excluding fast, down from 3.3 percent previously.
Israel's inflation rate, which rose slightly to 0.9 percent in May from 0.8 percent, is forecast at 2.1 percent in the four quarters ending in the second quarter of 2014, around the midpoint of the BOI's target of 1-3 percent.
The BOI's interest rate is forecast to remain at 1.25 percent a year from now.
Israel holds rate on steady inflation, less shekel pressure - Central Bank News
For more details log on to Bank of Israel website : http://www.bankisrael.gov.il/en/Pages/Default.aspx
The Bank of Israel (BOI), which cut rates twice in May to weaken the shekel currency, said it would keep a close eye on asset markets, including the housing market, and continue to monitor the impact of its recent steps, "particularly in light of the continuing uncertainty in the global economy," and would "act as necessary in the future."
It was the final decision by the BOI under present Governor Stanley Fischer, who is stepping down at the end of this month and being replaced by Jacob Frenkel, BOI governor from 1991 to 2000.
The Israeli shekel has come under upward pressure since mid-2012 as investors sought higher yields due to ultra-low interest rates in advanced economies, along with the start of natural gas production.
This year the shekel has risen by 2.4 percent against the U.S. dollar, trading around 3.64 per dollar today, but down from a high of 3.55 in early May following two BOI rate cuts the same month and a decision to intervene foreign exchange markets.
The BOI said the appreciation of the shekel against the dollar was in contrast to the global trend, taking place against the background of sales of domestic companies to foreign investors, a current account surplus in the first quarter and "extensive foreign exchange sales by nonresidents."
The Federal Reserve's announcement last week that it would start to taper its asset purchases later this year, assuming the economy continues to improve, has hit global financial markets hard with funds flowing out of many emerging markets, global stocks and bonds.
Bond yields in the U.S. have jumped and the BOI said that if this "increase, should it continue, is likely to moderate the forces for appreciation of the shekel."
Global growth forecast have recently been revised downward, the BOI noted, primarily due to weakening momentum in emerging markets, while optimism about the U.S. economy was "reflected recently in remarks by the Chairman of the Federal Reserve."
The Israeli economy appears to be slowing in recent months, the BOI said, pointing to economic activity indicators, with slower growth seen in the business sector, a worsening of investment and imports and a virtual standstill in the exports.
In the first quarter of this year, Israel's Gross Domestic Product grew by 0.66 percent from the previous quarter for annual growth of 2.7 percent, up from 2.6 percent.
The BOI's staff, which released its latest forecast, expects 2013 economic growth of 3.8 percent, including the effect of natural gas production, but 2.8 percent excluding gas output, down from 3.2 percent in 2012. The 2013 forecast is unchanged.
For 2014, the BOI staff revised downwards its forecast due to a fiscal program to tackle deficits, forecasting growth of 3.2 percent including gas output, down from a previous forecast of 4.0 percent, and growth of 2.5 percent excluding fast, down from 3.3 percent previously.
Israel's inflation rate, which rose slightly to 0.9 percent in May from 0.8 percent, is forecast at 2.1 percent in the four quarters ending in the second quarter of 2014, around the midpoint of the BOI's target of 1-3 percent.
The BOI's interest rate is forecast to remain at 1.25 percent a year from now.
Israel holds rate on steady inflation, less shekel pressure - Central Bank News
For more details log on to Bank of Israel website : http://www.bankisrael.gov.il/en/Pages/Default.aspx
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