Fischer to leave the Bank of Israel

The Governor of the Bank of Israel Prof. Stanley Fischer will step down from his post at the end of June after eight years in the job.

Governor of the Bank of Israel, Prof. Stanley Fischer, today informed Prime Minister Benjamin Netanyahu that he will step down from his post on June 30 after more than eight years in the job.

In a dramatic and unexpected announcement this afternoon by the Bank of Israel, Fischer said that in addition to the goal of advancing the Israeli economy, one of the primary goals he had set himself was passing the new Bank of Israel Law, which was achieved in May 2010. Since then, the Bank of Israel has within the framework of the new law, through its Monetary Committee and the Supervisory Council.

Fischer added that in the coming months he will continue to deal fully with all matters relating to the Bank. He said that he was extremely grateful for the opportunity he had been granted by the Israeli government to fulfill the task of Governor, especially during a challenging period that included the global economic crisis, a complex geo-political reality, and domestic social issues.

Fischer began a second five-year term as central bank chief in May 2010 but there were hints he may not complete the job when he announced his candidacy as IMF chairman in June 2011. No reason was given for the resignation but there have been rumors that Fischer and his wife Rhoda are eager to be reunited with their children and grandchildren who all live in the US.

Fischer will hold a press conference tomorrow at 11 am at the Bank of Israel.

Published by Globes [online], Israel business news - - on January 29, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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