Bank of Israel chief Stanley Fischer to step down two years before end of term

Click photo to download. Caption: Stanley Fischer. Credit: International Monetary Fund.( The Governor of the Bank of Israel, Stanley Fischer, has informed Prime Minister Benjamin Netanyahu that he will step down at the end of June, two years before the end of his second term.

Considered one of the world’s top economists, the 69-year-old Fischer has served as the chief of Israel’s central bank chief for eight years. He is widely credited for helping to successfully steer Israel through the global financial crisis and reforming Israel’s banking laws. He was also instrumental in elevating Israel to one of the top global economies through joining the Organisation for Economic Co-operation and Development (OECD) during his tenure.

“His experience, his wisdom and his international connections opened a door to the economies of the world and assisted the Israeli economy in reaching many achievements, during a period of global economic crisis,” Netanyahu said, the Jerusalem Post reported.

Born to a Jewish family in Northern Rhodesia (Zambia) in 1943, Fischer worked as a professor at the Massachusetts Institute of Technology (MIT), and was the chief economist at the World Bank as well as deputy managing director (second in command) at the International Monetary Fund (IMF) before his appointment to the Bank of Israel by former Prime Minister Ariel Sharon.

In 2011, Fischer was also a finalist to for the IMF’s top post of managing director, but was disqualified due to age. 

Posted on January 29, 2013 .