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This past February, the Bank of Israel's Monetary Committee announced that it had resolved not to make decisions on the interest rate around the Passover and Tabernacles (Sukkot) holidays. This is because due to the Passover holiday and the New Year holiday season data are received with a lag, are irregular and activity levels are low due to the holidays. In accordance with the Committee’s announcement in February, the interest rate set today was to be in effect for the months of September and October.
Against the background of the experience accumulated since then, and of the uncertainty in global markets, the Committee found it prudent to re-examine monetary policy at the end of September on a scheduled basis. Likewise, the Committee was of the opinion that under current circumstances, it is optimal to maintain the flexibility that comes with monthly monetary discussions on interest rate decisions, and resolved to return to a format of reaching interest rate decisions 12 times per year.