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Five of six Bank of Israel MPC members voted to keep rate at 0.1%, minutes show

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The Bank of Israel building is seen in Jerusalem June 16, 2020. REUTERS/Ronen Zvulun/File Photo

Five of six rate setters at the Bank of Israel voted to keep the benchmark interest rate (ILINR=ECI) at 0.1% on May 31, minutes of the discussions showed on Monday.

One committee member supported a reduction to 0.0%, citing concerns over unemployment.

The five members who voted to keep the interest rate unchanged thought that the low level “supports a recovery of economic activity and a gradual return of inflation to the target range, particularly in view of the Bank of Israel using additional tools in the credit market and in the foreign exchange market.”

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