The Bank of Israel announced Monday evening that the rate it charges commercial banks will stay at 1.25 percent throughout the month of February. In a statement accompanying the announcement, the bank stated the December consumer price index was surprisingly low and that inflation for the first quarter of 2010 will also be low, due in portion to the growing value of the shekel.

According to the statement, "Recent economic activity is continuing to develop positively. Against this background the Bank of Israel revised its growth forecast for 2010 upwards. Recently, nonetheless, uncertainty has risen with regard to the strength of the global recovery.