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'Brave steps.' Fischer Photo: Guy Assayag
'Brave steps.' Fischer Photo: Guy Assayag
 
 

Fischer wins best bank governor of the world award

Just day after Bank of Israel chief receives award for best central bank governor for Middle East in 2010, Euromoney magazine honors him for 'supporting Israeli market's economic recovery after global financial crisis'

Zvi Lavi
Published: 10.11.10, 08:27 / Israel Business

Governor of the Bank of Israel Stanley Fischer on Sunday won the best bank governor in the world award for 2010 in Washington DC. He was chosen among all the central bank governors throughout the world.

 

Fischer received the award just a day after he was named best regional central bank governor for the Middle East and North Africa. In addition, he was also chosen as one of the seven outstanding central bank governors in the world two weeks ago.

 

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He was chosen by Euromoney a leading international banking, finance and capital markets news publication. Fischer received the award based on the decision of the magazine's editorial board, which has been giving out the award to the outstanding central bank governor for the last 30 years.

 

The selection process is a lengthy one and the magazine editors decide on the winner by secret ballot. The title of banker of the year was awarded to him by the chairman of the magazine during the closing ceremonies for the IMF's convention, which was held at the Willard Intercontinental hotel in DC.

 

'Revolutionary policy'

The magazine gave Fischer an honorable mention for his "success in finding the optimal balance between inflation and recession, and supporting the Israeli market's economic recovery after the international financial crisis. Israel's durability during and after the financial crisis, proves that Stanley Fischer deserves the honor he receives among the elite of the international financial community".

 

The magazine editors also mentioned the "brave steps taken by Fischer in raising the interest rates in September 2009, where Israel was the first country to raise the rates after the crisis. It became evident that this was the right step to take, as it foresaw the future. Later interest increases were well timed and allowed Israel's economy to grow at a handsome rate of 4.7% in the second quarter of 2010".

 

The decision emphasizes that "interest rate increase were implemented while keeping a close reign on the inflation rate – at 1.8%", and also refers to the governor's involvement in the foreign currency market, with the massive daily dollar purchase that began on the eve of the crisis. The magazine added that "Fischer's revolutionary policy, though controversial at the time, was the root of the Israeli foreign currency advantage while stimulating exports.

 

"Export stimulation was fundamental to the success of the Israeli economy, in spite of political and regional difficulties which Israel endures. Fischer's policies promoted Israel's acceptance into the OECD in May 2010" the magazine summed up.

 

 

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