Israel's Finance Minister, Bezalel Smotrich, announced the country is delaying a new law that would freeze mortgage rates.
The bill faced opposition from the country's central bank, The Bank of Israel.
- A joint statement from the Finance Minister and head of the finance committee, Moshe Gafni, revealed the bill is on hold for a week to allow a professional discussion.
- The discussion will seek a solution for households burdened with steep interest rate hikes.
- The benchmark interest rate in Israel has increased from 0.1% in April to 3.75%. It is expected to reach 4% soon.
- Bank of Israel Governor Amir Yaron criticized the bill and said it would backfire without lowering costs and hurt the country's free market credentials.
