Bank of Israel cuts short-term rates

Israel’s central bank has lowered the base interest rate by 0.25 pc to 1.75 pc for the second time in three months – amid the absence of inflationary pressures – after the shekel rose to an eight-month high of 3.74 against the dollar. The BoI also dropped its 2013 economic growth forecast from 3.0 pc to 2.8 pc.