Michel Strawczynski, a voting member of the Bank of Israel's monetary policy committee, plans to step down at the end of 2022 when his five-year term ends, the central bank said on Sunday.
Bank of Israel Governor Amir Yaron will appoint a committee to find a suitable replacement for Strawczynski, who is returning to academia as an economics professor at Jerusalem's Hebrew University.
During his tenure, Strawczynski has been a member of several committees and inter-ministerial work teams together with the director-general of the Finance Ministry, with duties including the creation of a law to increase competition and reduce centralization in Israel's banking system.
"Michel's extensive knowledge of the economy, his special insights as an expert in the field of public policy, his many years of experience and his impressive ability in leading the research division were an asset to the Bank of Israel, for the decision-making in the monetary committee and the quality of economic advice to the government," Yaron said in a statement.
Israel's monetary committee has six members, three of them from the central bank. In response to rising inflation, which has reached 4.4%, the panel has unanimously raised short-term interest rates to 1.25% -- its more recent move a half-point hike on July 4 -- from 0.1% in April.
Its next decision is slated for August 22.