ERUSALEM, July 31 (Reuters) - The Bank of Israel could raise interest rates before withdrawing all the radical measures it has taken to stimulate the economy, offering a test case for other central banks debating a return to more routine policiesOn Monday Israel became the first country to begin exiting the extraordinary measures deployed to fight the financial crisis, when it said it would stop buying government bonds, but surprised markets by maintaining its currency buying program.
The bank will have to delay ending its policy of buying foreign currency to weaken the shekel because it cannot afford to harm the crucial export sector before an economic recovery has fully taken hold.
However, the central bank's fears that a strengthening shekel could damage the economy are opposed by concerns that inflation is not firmly under wraps.
How Israel solves this dilemma will be closely watched by central banks around the world as they ponder how to roll back the extraordinary measures taken to fight the worst recession in decades.
The bank will have to delay ending its policy of buying foreign currency to weaken the shekel because it cannot afford to harm the crucial export sector before an economic recovery has fully taken hold.
However, the central bank's fears that a strengthening shekel could damage the economy are opposed by concerns that inflation is not firmly under wraps.
How Israel solves this dilemma will be closely watched by central banks around the world as they ponder how to roll back the extraordinary measures taken to fight the worst recession in decades.
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