New Governor for Bank of Israel

YERUSHALAYIM -
Professor Jacob A. Frenkel, nominee for Governor of the Bank of Israel. (Anna Kaplan/ Flash 90)
Professor Jacob A. Frenkel, nominee for Governor of the Bank of Israel. (Anna Kaplan/ Flash 90)

A new governor of the Bank of Israel has been nominated to succeed the outgoing Stanley Fischer, according to media reports.

Prime Minister Binyamin Netanyahu and Finance Minister Yair Lapid agreed to ask Jacob Frenkel, who headed the Bank of Israel between 1991-2000, to return for another term. He is credited with reducing inflation in Israel and achieving price stability, liberalizing Israel’s financial markets, removing foreign exchange controls, and integrating the Israeli economy into the global financial system.

Frenkel, 70, is currently the chairman of JP Morgan Chase International.

He served from 2001 to 2011 as Chairman and CEO of the G-30, from 2004 to 2009 as
Vice Chairman of American International Group, Inc., and from 2000 to 2004 as Chairman of Merrill Lynch International, as well as Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups.

Fischer steps down on June 30, after 8 years as governor. Until a successor is chosen, Fischer’s deputy Karnit Flug, whose is said to have been Fischer’s own choice, will serve as acting Governor.