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In bid to battle inflation, Bank of Israel hikes interest to highest rate in 11 years

Illustrative photo of the new 100 Israeli Shekel bill. December 31, 2017. (Nati Shohat/Flash90)
Illustrative photo of the new 100 Israeli Shekel bill. December 31, 2017. (Nati Shohat/Flash90)

In its ongoing campaign against inflation, the Bank of Israel announces its fifth consecutive interest rate hike.

The interest rate is rising 0.75 percentage points to now stand at 2.75%, the highest figure since 2011.

In a statement, the bank notes that inflation in Israel is at 4.6% over the past 12 months.

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