JERUSALEM -- Bank of Israel chief Stanley Fischer, who is widely credited with shepherding Israel through the international credit crunch four years ago, said he would resign from his post in June.
Fischer, who was appointed in 2005, gave no reason for his departure, but he had previously hinted that he did not expect to complete his second five-year term, which began in 2010.
Under Fischer, Israel maintained a steady, conservative monetary policy with impressive economic growth and low inflation.
He leaves, however, as Israel faces a $10-billion budget deficit. The previous government disbanded early over its inability to agree on where to make spending cuts and how to raise needed revenue.
Fischer has warned that Israel's international credibility and credit rating could suffer if it does not bring its deficit under control.