Israel hikes bank interest by half percent

The Bank of Israel interest rate jumped to 2.75pc per year and the basic bank interest rate to 4.25pc, the highest since 2008 after the seventh half percent hike in months.  Average mortgage repayments will increase by about NIS 200 per month.

On Sunday, Israelis were told that their electricity, water and local tax bills were going up this month, days after the new government took office. PM Binyamin Netanyahu warned that much work lay ahead to tamp down the causes of Israel’s rising inflation and promised it would be done.