page_title: Stanley Fischer
section_title: Bank of Israel
hierarchical_section_title: Stanley Fischer / Central Banks / Bank of Israel
caption_attribution_description: English: DAVOS/SWITZERLAND, 30JAN10 - Stanley Fischer, Governor of the Central Bank of Israel talks during the session 'Redesigning Financial Regulation' of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. Copyright by World Economic Forum. swiss-image.ch/Photo by Sebastian Derungs.
context_page_description: Stanley Fischer is an Israeli American economist and former vice chairman of the Federal Reserve. Born in Northern Rhodesia, he holds dual citizenship in Israel and the United States. He served as governor of the Bank of Israel from 2005 to 2013. He previously served as chief economist at the World Bank. On January 10, 2014, United States President Barack Obama nominated Fischer to be Vice-Chairman of the US Federal Reserve Board of Governors. On September 6, 2017, Stanley Fischer announced that he was resigning as Vice-Chairman for personal reasons effective October 13, 2017.
context_section_description: Fischer was appointed Governor of the Bank of Israel in January 2005 by the Israeli cabinet, after being recommended by Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu. He took the position on May 1, 2005, replacing David Klein, who ended his term on January 16, 2005. Fischer became an Israeli citizen but did not renounce U.S. citizenship.
  
  He had been involved in the past with the Bank of Israel, having served as an American government adviser to Israel's economic stabilization program in 1985. On May 2, 2010, Fischer was sworn in for a second term.
  Under his management, in 2010, the Bank of Israel was ranked first among central banks for its efficient functioning, according to IMD's World Competitiveness Yearbook.
  Fischer has earned plaudits across the board for his handling of the Israeli economy in the aftermath of the global financial crisis. In September 2009, the Bank of Israel was the first bank in the developed world to raise its interest rates.
  In 2009, 2010, 2011 and 2012 Fischer received an "A" rating on the Central Banker Report Card published by Global Finance magazine.
  In June 2011, Fischer applied for the post of IMF managing director to replace Dominique Strauss-Kahn, but was barred as the IMF stipulates that a new managing director must be no older than 65, and he was 67 at the time.
  On June 30, 2013, Fischer stepped down as governor of the Bank of Israel midway through his second term, despite high popularity.
caption: Fischer during the WEF 2010
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