(Communicated by the Bank of Israel)

The Governor of the Bank of Israel, Stanley Fischer, today (29 January 2013) informed the Prime Minister, Mr. Benjamin Netanyahu, of his intention to step down on June 30, 2013, after more than eight years as Governor.

The Governor noted that in addition to the goal of advancing the Israeli economy, one of his  primary goals he had set himself was passing a new Bank of Israel law. That was done in May 2010. Since then, the Bank has operated successfully within the framework of the new law,   especially through the  work with the  Monetary Committee and the Supervisory Council.

The Governor said that in the coming months he will continue to deal fully with all matters pertaining to the Bank.

Prof. Fischer added that he is extremely grateful for the opportunity he has been granted by the Government of Israel to fulfill the task of Governor, especially during a challenging period that included the global economic crisis, a complex geo-political reality, and domestic social issues.

The Governor thanks the Prime Minister, the Minister of Finance, the Chairman of the Finance Committee of the Knesset, the Members of the Monetary Policy Committee, the Supervisory Council and the management and staff of the Bank of Israel for the privilege of working with them during his term as Governor.

(Communicated by the Prime Minister's Media Adviser)

Prime Minister Benjamin Netanyahu, this afternoon (Tuesday, 29 January 2013), met with Bank of Israel Governor Prof. Stanley Fischer and thanked him for greatly contributing to the Israeli economy during his two terms in office over the past eight years.

"Professor 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," Prime Minister Netanyahu said.