Professor Stanley Fischer, one of the most influential figures in Israeli economic history and a former Governor of the Bank of Israel, passed away last night at the age of 81 after a prolonged illness.
Born in October 1943 in Zambia, Professor Fischer’s distinguished international career began long before he assumed his prominent role in Israel. He served as Vice President of the World Bank in 1988 and, from 1994 to 2001, held the role of First Deputy Managing Director at the International Monetary Fund. He later entered the private sector, taking on senior leadership positions at Citigroup International.
In 2005, Fischer accepted an invitation from Prime Minister Ariel Sharon and Finance Minister Binyamin Netanyahu to become Governor of the Bank of Israel. Upon his arrival in the country, he received Israeli citizenship and succeeded Professor David Klein in the role. In 2010, he was reappointed for a second term and concluded his service in 2013.
The Bank of Israel released an official statement mourning his passing: “The Governor of the Bank of Israel, the Monetary Committee and Administrative Council, the Bank’s management and all its employees and retirees extend their deepest condolences to the family and bow their heads in memory of Professor Stanley Fischer, of blessed memory, who passed away last night. Professor Fischer served as Governor of the Bank of Israel from 2005 to 2013.”
The statement continued: “Professor Fischer made a decisive contribution to the Israeli economy — first in the 1980s as the IMF’s representative to Israel, when he played a pivotal role in formulating the 1985 Economic Stabilization Plan, and later during his tenure as Governor, during which he led a policy of economic responsibility through challenging times, including the global financial crisis of 2008.”
Current Governor of the Bank of Israel, Professor Amir Yaron, also paid tribute: “All of us at the Bank of Israel, past and present, bow our heads today in memory of Professor Fischer, whose contribution to the Bank and the advancement of Israel’s economy was monumental. We extend our heartfelt condolences to his family. Yehi zichro baruch.”
{Matzav.com}
