Israel raises interest rate for 2nd time in 2 months

JERUSALEM, May 23 (Xinhua) -- Israel's central bank on Monday raised the benchmark interest rate from 0.35 to 0.75 percent, in the second rate hike in two months, to curb the inflation.

Last month, the rate was raised for the first time since 2018, from 0.1 to 0.35 percent.

The bank explained the decision with the soaring inflation, reaching 4 percent over the past 12 months, above the ceiling of the gove