Stanley Fischer, who has been governor of the Bank of Israel for more than eight years, said that one of his primary goals had been the passing of 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,” Fischer said in a statement on the Bank of Israel’s website.
Fisher is one of the world’s most respected economies and is listened to by policymakers globally.
His policy was called by David Lubin, emerging markets economist at Citigroup, one that was “ahead of the curve both at the loose and tight phase of the monetary policy cycle” during the financial crisis.
The governor of the Bank of Israel won Emerging Markets’ Middle East Central Bank Governor of the Year Award in 2010.
On Monday, the Bank of Israel left its interest rate unchanged at 1.75%, the lowest level in two years.
In August 2009, the Bank of Israel was the first to hike interest rates after the 2007-2008 financial crisis, as signs had emerged of a tentative recovery in the world economy.
The Israeli gross domestic product grew by 3.3% last year, the slowest pace since 2009.