Karnit Flug Named Bank of Israel Governor

The Bank of Israel has a new central bank governor. Dr. Karnit Flug, 58, will become the new central bank governor. Flug was officially appointed by Israeli Prime Minister Netanyahu and Finance Minister Lapid after a lengthy search process. She already has been acting chief of the bank since Governor Stanley Fischer resigned in June after eight years at the post. Stanley Fischer recommended Karnit Flug to succeed him.

With Flug’s appointment, market participants and traders are expecting accommodative monetary policy to weaken the shekel’s appreciation against the U.S. dollar.

Before becoming acting chief, she was the deputy governor of the Bank of Israel. In 2001, Flug was director of the research department at the central bank. She has experience working for the IMF and Inter-American Development Bank.

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