Israel Central Bank Chief to Step Down in June

JERUSALEM (AP) -- Israel's central bank governor, Stanley Fischer, has submitted his resignation.

The Bank of Israel said Tuesday that Fischer told Prime Minister Benjamin Netanyahu that he would step down on June 30. It gave no reason for his departure, which comes two years before his term is set to end.

Fischer, an internationally respected economist who was deputy director of the International Monetary Fund, has won widespread acclaim for keeping the Israeli economy stable at a time of great global turmoil. Israel's economy continues to grow, and unemployment is roughly 6 percent.

In a statement, Netanyahu called Fischer a "central partner" in Israel's economic growth.

Fischer was appointed to a second five-year term in 2010.