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Cabinet unanimously approves Flug for BoI

October 27, 2013 18:51

Move advances the process of replacing Stanley Fischer after months of delay.

Bank of Israel Governor Karnit Flug

Karnit Flug 370. (photo credit:REUTERS)

The cabinet on Sunday unanimously approved Karnit Flug’s nomination to become Bank of Israel Governor, quickly advancing the process of replacing Stanley Fischer after months of delay.

“Karnit Flug has the appropriate background and experience and she has fulfilled her position [as acting governor] in recent months very well,” Prime Minister Binyamin Netanyahu said at the meeting. “In addition to the fact that we are successfully navigating the Israeli economy in the face of the global crisis, Israel’s economic leadership must continue to advance growth and employment, increase exports and lower housing prices.”

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Following the cabinet’s approval, Flug met with Finance Minister Yair Lapid, who cited housing and the cost of living as the central challenges.

Since Fischer stepped down in June, Netanyahu and Lapid nominated two other candidates for the position, each of whom withdrew his nomination over alleged scandals.

Flug, Fischer’s deputy and favorite for the position, had been overlooked both times, but snagged the nomination last week.

By Wednesday last week, she gained the approval of the advisory committee on senior appointments and positions chaired by retired Supreme Court justice Jacob Turkel.

“The Israeli economy faces many challenges and its ability to weather them depends, among other things, on productive, joint cooperation between the Finance Ministry and the Bank of Israel,” Flug emphasized on Sunday.

President Shimon Peres must give his seal of approval before Flug, who has been acting as governor since Fischer’s departure, can be officially sworn in. He has voiced enthusiasm for Flug, and is expected to sign his approval this week.
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