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Federal Reserve Chairman Ben Bernanke, left, and Bank of Israel Governor Stanley Fischer walk together outside of the Jackson Hole Economic Symposium, Friday, Aug. 31, 2012. (Ted S. Warren/The Associated Press)
Federal Reserve Chairman Ben Bernanke, left, and Bank of Israel Governor Stanley Fischer walk together outside of the Jackson Hole Economic Symposium, Friday, Aug. 31, 2012. (Ted S. Warren/The Associated Press)

Bank of Israel head to step down early Add to ...

Israel’s central bank said on Tuesday that its governor, Stanley Fischer, will step down in June, two years before the end of his second five-year term.

“The Governor of the Bank of Israel, Stanley Fischer, today informed the Prime Minister Benjamin Netanyahu of his intention to step down on June 30, 2013, after more than eight years as Governor,” a bank statement said, without elaborating.

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Mr. Fischer, 69, is credited with having steered an economic “miracle” in Israel despite the global downturn.

In 2011, he put himself forward as a candidate to replace Dominique Strauss-Kahn, who resigned as head of the International Monetary Fund after facing sexual assault charges in New York.

His candidacy was ruled ineligible because the post carries an upper age limit of 65.

Last year, Mr. Fischer took a swipe at Mr. Netanyahu, saying the government’s plan to raise the budget deficit target to 3.0 per cent of GDP could force interest rates up.

Shortly after Tuesday’s announcement, Mr. Netanyahu issued a statement thanking Mr. Fischer for his achievements.

“Professor Stanley Fischer was a central partner in Israel’s economic growth and the achievements of its economy,” he said.

“His experience, his wisdom and his international contacts opened the door to the economies of the world and helped the Israeli economy in its many achievements.”

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