Governor of the Bank of Israel Stanley Fischer announced Tuesday that he will not seek another term in office.
Fischer has been serving as BOI chief for eight years.
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The governor met with Prime Minister Benjamin Netanyahu earlier Tuesday to inform him of he decision.
After the meeting, Netanyahu said: "Fischer was a key contributor to Israel's economic growth. His experience and wisdom have helped the Israeli market reach many achievements, even in a time of global crisis."
Netanyahu added: "I thank Fischer and am certain that he will continue to contribute to the State of Israel."
Finance Minister Yuval Steinitz also thanked Fischer, stressing that he "has become an asset not only to Israel's economy, but also to its image around the world, thanks to his standing and connections."
Labor Party Chairwoman Shelly Yachimovich referred to Fischer's resignation, saying: "Stanley Fischer's premature and surprising resignation is a harsh expression of no-confidence in Prime Minister Netanyahu and a slap in the face of his economic policy."
Yachimovich added: "Fischer is a brave economic leader who does not shy away from unconventional measures. His resignation sends a worrying message to Israeli citizens."
Fischer will remain in office until June 30, 2013. He was originally slated to finish his term in 2015.
He noted that he will keep pursuing ways to advance the Israeli market.
One of Fischer's primary goals while in office was to pass the Bank of Israel Law, which he did in 2011.
Fischer said he would ensure that his office continue to perform all its duties in order to allow the government to conduct a thorough search for his replacement.
Fischer is a world-renowned economist. In 2010 he was named the best bank governor in the world.
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