Business in Brief / Israel's November Interest Rates Left Unchanged

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Bank of Israel Governor Karnit Flug holds up a newly designed 50 shekel banknote. September 10, 2014. Credit: Reuters

November interest rates left unchanged

The Bank of Israel will be leaving interest rates unchanged for the month of November. The bank’s representative rate is currently at an all-time low of 0.1%, and it has been since March. The central bank explained that Israel’s economy is expanding at a slow pace, as exports continue to be weak, and added that it intended to maintain an expansionary monetary policy for quite a while.

After the interest rate announcement, the U.S. dollar fell 0.7% against the shekel to 3.8679 shekels to the dollar, down from 3.8940 earlier in the day. (Eran Azran)

Stocks end day with minor losses

The Tel Aviv Stock Exchange finished Monday's trading session with losses in most of the major indexes, with the blue-chip Tel Aviv-25 Index closing down 0.33% at 1,575 points, and the broader Tel Aviv-100 Index losing 0.24% to close at 1,363 points.

The Banks-5 bucked the trend, gaining 0.2%, while real estate shares lost 0.2%. Total turnover was 1.584 million shekels, which is higher than average as of late. (Shelly Appelberg)

Bank Leumi may sell Jersey unit

Bank Leumi, Israel’s second-largest bank, said on Monday its wholly-owned U.K. unit was in preliminary talks on a possible sale of its holdings in Bank Leumi Jersey. Leumi, which did not name the potential buyer, also said there have been initial negotiations to sell Leumi Overseas Trust Corp, a unit of Bank Leumi Jersey. It said the talks were part of the bank’s strategy to reduce its private banking activities outside of Israel. (Reuters)

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