Former Bank of Israel Governor David Klein has passed away at the age of 86, the central bank said on Wednesday.
Klein, who died on Tuesday night, began at the bank in 1987 and served as its seventh governor between 2000 and 2005, a time when Israel was facing an economic crisis.
He helped to lower and stabilize inflation and liberalize the foreign exchange market.
“The people at the Bank of Israel for generations and I today bow our heads in memory of David, cherish his great contribution to the Bank of Israel and the Israeli economy, and share in the deep sorrow of the family. May his memory be blessed,” current central bank chief Amir Yaron said.
Klein was succeeded by Stanley Fischer in 2005.