Cabinet unanimously approves Flug for BoI

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

October 27, 2013 18:51
1 minute read.
Bank of Israel Governor Karnit Flug

Karnit Flug 370. (photo credit: REUTERS)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.”

Be the first to know - Join our Facebook page.

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.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection