Bank of Israel Cuts Growth Forecasts, Keeps Rates on Hold Amidst Latest Conflict

The Bank of Israel has decided to keep interest rates on hold as it cuts its growth forecasts due to the ongoing conflict in Israel. The central bank had previously projected a growth rate of 6.3% for 2021, but has now revised it down to 5.1%. The decision to maintain interest rates at 0.1% was made in order to support the economy amidst the uncertainty caused by the conflict.