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19.05.2024

Bank of Israel: Bank Governor Stanley Fisher will finish his job in June

Due to the completion of the Bank of Israel law • stock market responds by falling - Derivatives index losing more than 1% • shekel weakened against the dollar and the euro • Tomorrow Fisher will hold a press conference in Jerusalem

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Bank of Israel: Bank Governor Stanley Fisher will finish his job in June



Bank of Israel Governor Stanley Fisher, announced today (Tuesday) to Prime Minister Benjamin Netanyahu of his intention to resign at the end of June.

In a dramatic announcement Bank of Israel published at noon it stated: "The Governor noted that in addition to its purpose to promote the economy, one of the main tasks he set for himself was to pass a new law in Israel. Indeed, for a long time the bank is functioning successfully in the new law, as reflected in work with monetary Committee and the Administrative Council."

In the Bank of Israel's statement Fisher made clear that he will continue to engage "fully on all the issues on the agenda of the Bank", in the coming months, to allow the government to "conduct an orderly process to select the next governor."

"The Governor added that he is grateful for the opportunity that the Israeli government had given him to serve as Governor of the Bank of Israel, especially during such a challenging global economic crisis, the reality of geo - political complex and many social challenges," the statement said. "The Governor thanks the Prime Minister, Minister of Finance, Chairman of the Finance Committee, the members of the Monetary Committee and the members of the Administrative Council of the Bank of Israel, the management and employees of the Bank of Israel who he had the privilege of working with them during his tenure as governor."

Tomorrow at 11:00 Fisher will hold a press conference in Jerusalem.

Hints to the end of his term

Hints that Fisher will not finish fully his second term as Governor of the Bank of Israel, appeared in June 2011 - when Fisher submitted his candidacy as chairman of the International Monetary Fund, replacing outgoing chairman Minister Dominique Strauss - Kahn.

In 2000, Fisher served as Vice Chairman of the International Monetary Fund, and then moved to serve as governor of the Bank of Israel in 2005, initiated by Finance Minister Benjamin Netanyahu, and was elected to a second term as in 2010. Already then he hinted that he may not complete the current term of the Bank of Israel because he wanted to return to the U.S. with his wife Rhoda, and reunite with children who were in the U.S.

Shortly after announcing the decision the Finance Committee chairman MK Moshe Gafni said that "Fisher spoke to me and announced his intention to resign, he thanked me for the cooperation between us and primarily for passing the Bank of Israel law, which he says upgraded the status of central bank in the country and the world."

Gafni added that "Fisher was a dramatic figure and affects every issue of stabilizing the economy and the economy of Israel, and that the Governor has a big part in the fact that Israel weathered the global economic crisis with minimum damage." He said that he acted in full cooperation with the Governor and in cases where there was disagreement, he acted with mutual respect. "I regret his departure. There is no doubt that his contribution was significant, but I respect his decision," remarks Gafni.
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