The BoI sounds rather optimistic; no further accommodation likely

ISRAEL - Report 02 Nov 2020 by Jonathan Katz

Recent economic indicators point to some improvement in activity since the partial opening of the second closure. Labor productivity in industry has improved sharply, which supports future growth potential. In Q320, non-residents and local institutions sold FX, while the BoI continues significant FX purchases. The tone from the Bank of Israel appears rather conservative; further accommodation is unlikely.

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