Israel appoints Jacob Frenkel as head of central bank after resignation of Stanley Fischer

JERUSALEM – Israel has appointed respected banker Jacob Frenkel as the next governor of the Bank of Israel.

It will be Frenkel’s second term in the position. The current governor, Stanley Fischer, will be leaving the position at the end of this month after eight years in office.

The appointment must be approved by Israel’s Cabinet, but significant opposition is unlikely.

Frenkel won praise for his role as central bank chief from 1991 to 2000 for his part in reducing inflation, liberalizing financial markets and integrating Israel’s economy into the global financial system.

He has since worked in international finance. Frenkel, 70, is currently chairman of JPMorgan Chase International.

Prime Minister Benjamin Netanyahu announced the decision Sunday in a statement sent to news media.