Stanley Fischer, Former Governor of the Bank of Israel, Dies at 81

Professor Stanley Fischer, the former Governor of the Bank of Israel and one of the world’s most respected economists, passed away on Saturday at the age of 81.

Fischer served as head of Israel’s central bank between 2005 and 2013, earning international praise for his leadership during a critical period that included the 2008 global financial crisis.

In a statement released by the Bank of Israel, officials described him as a pivotal figure who "contributed decisively to Israel’s economy" both as a representative of the International Monetary Fund in the 1980s and later during his tenure as Governor.

Current Governor Prof. Amir Yaron expressed deep sorrow over the loss, saying, "The staff of the Bank of Israel and I bow our heads in memory of Prof. Fischer, whose contributions to our institution and to the Israeli economy were of the highest order. We extend our deepest condolences to his family."

Born in what is now Zambia, Fischer studied at the London School of Economics and later earned his PhD in economics from MIT. After a distinguished international career, including academic and senior positions at the IMF and World Bank, he immigrated to Israel in 2005 upon accepting an invitation from then-Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu.

He became an Israeli citizen and began a transformative period at the central bank, during which he was twice ranked with an “A” grade by Global Finance magazine and named “Central Banker of the Year” by Euromoney. His 2011 candidacy for managing director of the IMF was ultimately disqualified due to age limits.

Fischer’s scholarly legacy includes influential textbooks and academic papers taught worldwide, as well as a deep imprint on economic thought in Israel and abroad. In 2013, he received the prestigious Herzog Prize for his unique contributions to the State of Israel.

May his memory be a blessing.