Attorney Roey Cohen, president of Lahav — the umbrella organization for independent businesses in Israel — criticized the Bank of Israel's quarter-point interest rate cut, saying the economy required a half-point reduction given three years of war and the ongoing economic crisis, according to N12.
Attorney Roey Cohen, president of Lahav — the umbrella organization representing independent businesses and self-employed workers in Israel — responded to the Bank of Israel's decision to cut the benchmark interest rate by a quarter percentage point (0.25%). In a statement reported by N12, Cohen said that given the economic reality of the Israeli economy after three years of war and crisis, a half-point cut was warranted, and that the smaller reduction misses a significant opportunity to accelerate economic recovery.
As The Zioneer reported minutes earlier, the rate cut itself drew mixed reactions from business-sector leaders: Dubi Amitai, chairman of the Business Sector Presidency, welcomed the cut as enabling investment and growth, while Finance Minister Bezalel Smotrich called it 'minimal' and disconnected from the economy's needs. A Friday assessment by analysts had predicted a quarter-point cut, which the Bank of Israel's monetary policy committee delivered. Cohen's criticism aligns with Smotrich's earlier call for a larger reduction.
2 developments
- DevelopingHi-Tech Union chair says Bank of Israel rate cut 'a step in the right direction, but insufficient'
- DevelopingSmotrich criticizes Bank of Israel governor over 'minimal' rate cut
- DevelopingBuilders head calls on Bank of Israel to cut rate to 2.5%, slash rental taxes
- DevelopingAnalysts assess Bank of Israel will cut interest rate by quarter point tomorrow
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