All five members of the Bank of Israel's monetary policy committee voted on May 22 to raise the benchmark interest rate by 0.25 percentage points to 4.75%, minutes of the discussion showed on Monday, Reuters reported. "The committee members noted that economic activity in Israel is at a high level, and is accompanied by a tight labour market, although there is some moderation in a number of indicators. Inflation is broad and remains high," the minutes said. Read more.

The United Arab Emirates' highest court Tuesday ordered a British hedge fund trader convicted of orchestrating a $1.7 billion tax fraud to pay that amount to Denmark's tax authority, the Associated Press reported. Financier Sanjay Shah was convicted in a lower court of masterminding a scheme that ran from 2012 to 2015. Under it, foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible. He was arrested in Dubai last year.

Lebanon’s embattled central bank governor failed to appear before French prosecutors on Tuesday to be questioned on corruption charges, officials said, the Associated Press reported. A European judicial team from France, Germany and Luxembourg is conducting a corruption probe into an array of financial crimes, including illicit enrichment and alleged laundering of $330 million, implicating the Lebanese governor, Riad Salameh. Salameh, who has held his post for almost 30 years, has repeatedly denied all allegations against him.

A European judicial team questioned Lebanon’s caretaker finance minister on Friday in an investigation related to corruption probes of the country’s Central Bank governor, officials said, the Associated Press reported. The questioning is part of a probe by a delegation from France, Germany, and Luxembourg, now on its third visit to Lebanon to interrogate suspects and witnesses in the case. Central Bank Governor Riad Salameh is being investigated abroad over several financial crimes and the laundering of some $330 million.

A European judicial team questioned on Thursday the brother of Lebanon’s embattled Central Bank governor who is is being investigated abroad over several financial crimes and the laundering of some $330 million, the Associated Press reported. The questioning is part of a probe by a delegation from France, Germany, and Luxembourg, which is now on its third visit to Lebanon to interrogate suspects and witnesses in the case. The delegation questioned Gov.

Saudi Arabia's central bank on Wednesday increased its repo rate by 25 basis points to 5.75% and its reverse repo rate also by 25bps to 5.25%, it said in a statement. Saudi Arabia, whose currency is pegged to the U.S. dollar, followed the U.S. Federal Reserve's decision to raise interest rates by a quarter of a percentage point. Read more.

The Qatar Central Bank said on Wednesday that it will continue with the current interest rates for the deposit, lending, and repo rates after assessing current monetary requirements, Reuters reported. "Qatar Central Bank aims to maintain the current interest rates at an appropriate level to support sustainable economic growth," it said in a statement. Read more.

Egypt is fully able to meet its international debt obligations, Prime Minister Mostafa Madbouly said, looking to ease market concerns over the North African nation’s economic situation, Bloomberg News reported.

The government's plan to overhaul the judicial system is harming investor confidence and pushing high-tech firms to relocate abroad, Israel's state-backed agency that supports high-tech companies said on Monday, Reuters reported. A survey by the Israel Innovation Authority found 80% of startups established so far this year were opened outside Israel and that companies also intend to register their future intellectual property overseas - which would result in a severe blow to Israel's tax coffers.

A European judicial team pressed on with its corruption probe of Lebanon's embattled Central Bank governor on Thursday, questioning one of his aides and summoning his brother for another hearing next week, the Associated Press reported. The delegation from France, Germany, and Luxembourg is on its third visit to Lebanon to interrogate suspects and witnesses in an ongoing investigation of Gov. Riad Salameh and associates over several financial crimes and the laundering of some $330 million.