Alon Bler, chairman of the Israeli Hi-Tech Union at the Manufacturers Association and CEO of Binat Communication, called the Bank of Israel's quarter-point rate cut a step in the right direction but said it is insufficient given the challenges facing the economy and the hi-tech sector, according to N12.
Alon Bler, chairman of the Israeli Hi-Tech Union at the Manufacturers Association and CEO of Binat Communication, responded to the Bank of Israel's quarter-point rate cut on Monday, calling it "a step in the right direction, but insufficient" given the challenges facing the economy and Israel's hi-tech industry, according to N12.
The reaction follows a wave of responses from business leaders after the central bank lowered the benchmark rate to 3.5%. Earlier in the day, the president of the Business Sector Presidency and the head of the Lahav organization each expressed that while the cut was welcome, it did not go far enough given three years of war and ongoing economic pressures. Finance Minister Bezalel Smotrich also criticized the reduction as "minimal" and disconnected from the economy's needs.
Bler's assessment adds a significant voice from the hi-tech sector, which relies heavily on credit costs and investor confidence for growth. No further details on his specific demands or proposals have been reported.
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- DevelopingAnalysts assess Bank of Israel will cut interest rate by quarter point tomorrow
- DevelopingSmotrich criticizes Bank of Israel governor over 'minimal' rate cut
Source and signal
- Internal intake