The cost of living: the Bank of Israel is expected to raise interest rates in the economy today

The reference of the ‘Bells’ organization to the expected interest rate increase today (Monday) by the Bank of Israel.

"The Bells organization, which accompanies families in the field of home economics on a voluntary basis, recommends that families with mortgages and loans carefully check the effect on the amount of mortgage repayments and loans taken (especially index-linked ones) and change the family budget accordingly. This means reducing expenses and streamlining the family budget, in order to meet repayments or increase income.

"It should be remembered that the event of the interest rate increase and the price increase are a continuous event and not a one-time event. We have already experienced an increase in interest rates and, of course, an increase in the prices of electricity, fuel and food, and we should note that we are likely to expect additional price increases and interest rates in the coming months. Households must adapt to the new situation in which our money buys less and we will have to give up various products or services, so that we can meet the various expenses"said Harel Dudovich, spokesman for the Bells organization.

We advise families to make sure that they do not spend more of their income, because the price of the minus and loans will be more expensive than it has been up to now, and we invite everyone who runs a household to apply for assistance and financial support from Bells".

You can contact through the ‘Bells’ website, get information, tips and register for assistance.

Prof. Amir Yaron
Governor of the Bank of Israel, Prof. Amir Yaron. Photo: Bank of Israel

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