Sharp shekel appreciation likely to prevent a further rate hike

ISRAEL - Report 12 Jun 2023 by Jonathan Katz

1. This fiscal deficit will likely reach 1.8%-2% GDP this year, and 2024 will be more challenging.

2. Economic activity remains fairly robust, according to the latest business survey.

3. The recent sharp shekel appreciation will moderate inflation and reduces the chances of further tightening.

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