Pursuits
Israel Seen Preparing More Shocks for Shekel After Surprise Cut
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Bank of Israel Governor Karnit Flug isn’t finished driving down the shekel after her surprise interest-rate reduction on Monday.
The Israeli currency plunged the most in a month to 3.914 per dollar in New York on Monday after Flug cut Israel’s benchmark rate to a record low 0.1 percent, surprising 20 out of 23 economists. The moves were designed to help reverse a five-month-long slide in consumer prices that has sparked concern that deflation may be seeping into the economy.