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North Africa/Middle East
Israel’s central bank left interest rates unchanged as it weighs a war-related economic slowdown and quickening inflation, Bloomberg News reported. The Bank of Israel held its base case rate at 4.5% on Monday, in line with the estimates of all economists surveyed by Bloomberg. It was the monetary policy committee’s seventh straight hold and last decision of the year, with the next meeting scheduled for early January.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Treasury Secretary Janet Yellen warned that the West Bank’s economy could collapse if Israel doesn’t preserve its banking relationship with Palestinian financial institutions in the territory it occupies, highlighting another potential source of instability as Israel also fights foes in Gaza, Lebanon and Iran, the Wall Street Journal reported. In a letter to Prime Minister Benjamin Netanyahu, Yellen and several of her global counterparts urged the Israeli leader’s government to approve a waiver that would continue to allow Palestinian and Israeli banks to correspond.
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FlyEgypt (FT) has suspended all flight operations after a failed attempt to file for bankruptcy due to substantial debt accumulation, AirwaysMag.com reported. Egypt's Civil Aviation Authority (ECAA) denied FT's request to close and liquidate the company, stating that the airline must first resolve all outstanding domestic and international obligations under national and international regulations. As a result, the ECAA denied the company's request to surrender its operating license and remove its aircraft from the national register.
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Israel’s central bank left interest rates unchanged even as it lowered economic-growth forecasts, with the conflicts in Gaza and Lebanon causing inflationary pressures and preventing the country from joining a global easing cycle, Bloomberg News reported. The bank kept its benchmark rate at 4.5% on Wednesday, in line with the estimates of all economists surveyed by Bloomberg. It was the monetary committee’s sixth straight hold.
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