January 29, 2013

JERUSALEM (JTA) — Stanley Fischer, governor of the Bank of Israel, will step down from his position on June 30.

Fischer will be leaving office in the middle of his second term, after eight years in office. His term was scheduled to end in 2015.

He reportedly informed Israeli Prime Minister Benjamin Netanyahu of his decision on Tuesday, according to the bank.

In 2010, Fischer was named the world’s best bank governor. He shepherded the Israeli economy through the global financial crisis of 2007-2008, and in September 2009, the Bank of Israel became the first bank in the developed world to raise its interest rates.

Fischer became an Israeli citizen when he assumed his position. He is known for his American-accented, but nearly perfect Hebrew.

He previously served as chief economist at the World Bank.

Fischer earned a Ph.D. in economics from the Massachusetts Institute of Technology, where he also worked as a professor. 

“Prof. Stanley Fischer played a major role in the economic growth of the State of Israel and in the achievements of the Israeli economy. 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. I thank Stanley Fischer. I had the privilege of working with him both as Finance Minister, when he was appointed to the position, and as Prime Minister over the past four years. I am certain that he will continue to contribute to the State of Israel,” Netanyahu said Tuesday afternoon following a meeting with Fischer.

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