Tel Aviv – The Bank of Israel said on Monday it will not make interest rate decisions around the week-long Jewish holidays of Passover and Sukkot as data are received with a lag and activity levels are low due to the holidays.
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In 2013, the rate decision will not be made at the end of April and at the end of September. Therefore the rate set at the end of March will be in effect for April and May, and the interest rate set at the end of August 2013 will be in effect for September and October.
Passover falls in March or April and Sukkot is celebrated in September or October.
The Bank of Israel said its monetary policy committee maintains the authorisation to change the interest rate in the intermeeting periods, should it deem it necessary.
When the “The Bank of Israel” gets frum i would suggest depositers run for cover, However it seems to be a practical decision rather.