sentences: it was also decided to narrow the interest rate corridor in the credit window and the commercial banks' deposit window from the bank stressed the following points supporting the reduction in the interest rate for march: - the marked effects of the global crisis and the fall in domestic demand on economic activity in israel; - the bank’s assessment that inflation is on a steep downward path, and is likely to be below the target range in the second half of 2009; - the low interest rates set by the major central banks around the world, and the additional policy instruments used by them to bring about monetary expansion.