In terms of inflation-over-the-past-12-months, this is expected only by the fourth quarter of the year. In any case, the Bank of Israel's policy is to adjust the interest rate gradually as and when needed, to avoid unnecessary shocks to the economy and the financial markets.
Specifically, communications at the end of 2021 indicated that, with substantial recovery of the economy and elevated inflation, monetary policy accommodation would begin to unwind. First, we acted by reducing and then stopping our asset purchases.