BoI interest rate decisions will not be made around Passover and Sukkot
In 2013, decisions on the interest rate will not be made at the end of April and at the end of September.
The Bank of Israel's Monetary Committee resolved, under the authority it is granted by the Bank of Israel Law, 5770–2010, that it will not make decisions on the interest rate around the Passover and Tabernacles (Sukkot) holidays. This is because in the weeks prior to the scheduled dates of these decisions, data are received with a lag due to the Passover holiday (which generally falls out in March–April) and New Year holiday season (which falls out around September–October); data received then are irregular and activity levels are low due to the holidays.
In 2013, decisions on the interest rate will not be made at the end of April and at the end of September. Thus, the Bank of Israel interest rate set at the end of March 2013 will be in effect for April and May 2013, and the interest rate set at the end of August 2013 will be in effect for September and October 2013.
The weekly meetings of the Monetary Committee will continue even during months in which interest rate decisions are not reached. Furthermore, the Monetary Committee maintains the authorization, set in law, to change the interest rate in the intermeeting periods, should it deem it necessary.