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Search resuls for: "Georgi Deyanov"


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Reuters GraphicsThe Tel Aviv Inter-Bank Offered Rate, or TELBOR , a proxy for interest rate expectations, shows markets are now pricing in just over 50 bps of rate cuts over the next 12 months. "We thought the market was overreacting and exaggerating a rate cut in the (Oct. 23) decision, during the war," Bank Hapoalim's Shafrir said. The central bank's own economists project 50-75 bps of rate cuts in the next year. Prior to the war, markets had predicted that the benchmark rate would be lowered by at least 100 bps through 2024 as inflation returned to its target range. Israel's next rate decision is due on Nov. 27 with markets currently expecting rates to be held, and the three-month TELBOR rate pointing to a 25 bps cut in early 2024.
Persons: Violeta Santos Moura, Morgan Stanley, Georgi Deyanov, Modi Shafrir, Amir Yaron, Andrew Abir, Shafrir, Yaron, Anatoliy Shal, Shal, Steven Scheer, Karin Strohecker, Sumanta Sen, Kirsten Donovan Organizations: REUTERS, Palestinian, Hamas, Bank of Israel, Bank Hapoalim, Reuters, Tel Aviv Inter, Monday, P Global Market Intelligence, Thomson Locations: Israel's, Gaza, Israel, LONDON, Jerusalem, London
FILE PHOTO-The Bank of Israel building is seen in Jerusalem June 16, 2020. Israel's annual inflation rate dropped to 3.3% in July from 4.2% in June, its lowest rate since March 2022 but above a government target range of 1-3%. "The central bank will leave the door open for further rate hikes and maintain its relatively hawkish stance, given that the shekel remains weak and exposed to domestic political developments," said Goldman Sachs economist Tadas Gedminas. The Bank of Israel left its key rate unchanged in July after an aggressive rate hike cycle that took the rate from 0.1%. Minutes of the meeting showed policymakers were concerned the shekel could keep inflation from moving back to its target and that further rate increases were possible.
Persons: Ronen, Zalina Alborova, Benjamin Netanyahu's, Goldman Sachs, Tadas Gedminas, Morgan Stanley's Georgi Deyanov, Bhumika Gupta, Steven Scheer, Frances Kerry Organizations: Bank of, REUTERS, Reuters, Bank of Israel, Barclays, Citi, The Bank of Israel, Thomson Locations: Bank of Israel, Jerusalem, Israel
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