Stanley Fischer, Governor of the Central Bank of Israel. Photo: wiki commons.

Bank of Israel chief Stanley Fischer informed Israeli Prime Minister Benjamin Netanyahu Tuesday that he would be stepping down from his position in June. Fischer initially planned to finish in April but Netanyahu convinced him otherwise.

Fischer, 69, was born in Northern Rhodesia (now Zambia) and lived in Southern Rhodesia (modern Zimbabwe) before his family moved to the United States. He served as the chief economist at the World Bank in the late 1980s and as first deputy managing director of the International Monetary Fund from 1994 to 2001.

In 2005 Fischer  moved to Israel after the Israeli cabinet appointed him to a five-year term as governor of the Bank of Israel.

In 2010, Fischer was appointed to a second term, due to finish in mid-2015.

Israel’s economy has remained steady despite turmoil in global markets in recent years with much credit belonging to Fischer. Each year between 2009-2012 he received an “A” rating on Global Finance magazine’s Central Banker Report Card.

In a statement Netanyahu thanked Fischer for his contributions to Israel’s economy:

“Professor Stanley Fischer played a major role in the economic growth of the State of Israel and in the achievements of the Israeli economy. His experience, his wisdom and his international connections opened a door to the economies of the world and assisted the Israeli economy in reaching many achievements, during a period of global economic crisis. I thank Stanley Fischer. I had the privilege of working with him both as Finance Minister, when he was appointed to the position, and as Prime Minister over the past four years. I am certain that he will continue to contribute to the State of Israel.”