Amir Yaron, the governor of the Central Bank of Israel, expressed his concern about the rise of inflation in Israel due to the new American definitions.
The Governor of the Bank of Israel said – in statements to the Israeli newspaper Globes, today, Tuesday – that after the monetary committee announced its decision yesterday to keep the interest rate unchanged at 4.5 %, the global economy is witnessing a turmoil that we have not seen for years.
He added it is difficult to estimate the size due to the uncertainty and repercussions, pointing out that from the point of view of Israel, there are negative repercussions on Israel’s exports to America.
Yaron added: “We appreciate that the exports of commodities to the United States, which constitute about 13 % of the total exports of goods and services, will be greatly affected as a result of the customs tariffs imposed by the American administration,” noting that the other factor of effects appeared in the exchange rate fluctuations.
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Meanwhile, Moody Schverier, the chief marketing strategy of Hapoalim Bank, warned that “even if Israel signs a new trade agreement with the United States this week, it greatly reduces the scope of the customs tariffs imposed on it, the local economic growth will be negatively affected by the worse of the World Trade War.”
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And inflation in Israel increased more than expected in January to 3.8%, its highest level in more than a year.
