Netanyahu names Jacob Frenkel next Bank of Israel governor

( Prime Minister Benjamin Netanyahu announced Sunday that former Bank of Israel Governor Prof. Jacob Frenkel, who headed the central bank between 1991 and 2000, will replace outgoing Bank of Israel Governor Stanley Fischer, whose term will end next week, Israel Hayom reported.

Jacob Frenkel, who Prime Minister Benjamin Netanyahu has nominated to be the next Bank of Israel governor. Credit: Shachar Azvan.

The new governor’s nomination faces a legislative hurdle, as the Bank of Israel Law limits the governor to two five-year terms. The Israeli government may need to pass an amendment to the law to facilitate Frenkel’s nomination.

Frenkel, 70, a laureate of the 2002 Israel Prize in Economics, currently serves as chairman of JPMorgan Chase International, one of the three largest banks in the United States. He is expected to take office in mid-July.

Netanyahu’s top candidate for the Bank of Israel position, Professor Elhanan Helpman, declined.

Posted on June 24, 2013 .