Previous Governors of the Bank

The Bank of Israel Law places special emphasis on the independence of the Bank. Thus, the Governor of the Bank is appointed by the President of Israel for a term of five years, at the recommendation of the government.
The Governor is responsible for the management of the Bank and serves as the Chairperson of the Monetary Committee and as a member of the Supervisory Council.



David Horowitz
David Horowitz, the Bank's first Governor, held the position from 1954 to 1971. Before that, he was Director of the Economics Department of the Jewish Agency, member of the Jewish Agency delegation to the United Nations Assembly in 1947, and Director-General of the Ministry of Finance. On his retirement, he was appointed Chairman of the Advisory Council and the Advisory Committee of the Bank of Israel, and later Honorary Chairman, until his death in August 1979.

Moshe Sanbar
Governor of the Bank from 1971 to 1976, Moshe Sanbar had served previously as the Budget Director in the Ministry of Finance, economic advisor to the Minister of Finance, Chairman of the Board of Directors of the Industrial Development Bank Ltd., and acting Minister of Trade and Industry. ​Moshe Sanbar died in October 2012.

Arnon Gafny
Governor of the Bank from 1976 to 1981, Arnon Gafny had previously engaged in economic research, served as budgetary and financial advisor to the Chief of Staff of the IDF, and held senior positions in the Ports Authority. He had also been Director of the Budget Section, and later Director General, of the Ministry of Finance. ​Arnon Gafny died in August 2015.

Moshe Mandelbaum
Dr. Mandelbaum served as Governor of the Bank from the beginning of 1982 to 1986, having served as Deputy Governor since September 1981. Before that, he held senior posts in the Ministry of Industry and Trade, including that of Director General, as well as Deputy Chairman of the Industrial Development Bank Ltd., and Chairman of the Company for Foreign Trade Risks Insurance. ​

Michael Bruno
Professor Bruno who was Governor of the Bank from 1986 to 1991, previously headed the Economics Department of the Hebrew University of Jerusalem, and was a member of the Economic Stabilization Program planning team. In the past, Professor Bruno served as joint head of the Research Department of the Bank of Israel, senior advisor on economic policy to the Minister of Finance, and a member of the faculties of leading universities in Israel and abroad. Professor Bruno died in 1996. ​

Jacob A. Frenkel
Professor Frenkel was Governor of the Bank from 1991 to 2000. He was previously Economic Counselor and Director of Research at the International Monetary Fund. He held the chairs of International Economics at the University of Chicago and of the Economics of Peace at Tel Aviv University. He is a member of the G-7 Council, the Group of 30 and the National Bureau of Economic Research, and is a fellow of the Econometric Society. He has served as advisor to the Bank of Israel, to the World Bank, and to other major research institutes in Israel and abroad.​

David Klein
Dr. David Klein acted as Governor of the Bank of Israel from 2000 to 2005. Prior to his appointment Dr. Klein was a member of the Bank of Israel management, Head of the Monetary Department, Head of the Control of Foreign Exchange Department, and the Bank of Israel's representative on the Board of Directors of the Tel Aviv Stock Exchange. Dr. Klein was previously Chief Economist and a member of management of Bank Leumi Le-Israel. Dr. Klein had also served as a member of management of the Tevel Institute of Policy Studies, Jerusalem, and prior to that was responsible for long-term planning of the government budget in the Budget Department of the Ministry of Finance, and thereafter served as economist in the International Monetary Fund Fiscal Affairs Department. ​
Stanley Fischer

Stanley Fischer

Professor Stanley Fischer served as Governor of the Bank of Israel from May 2005 until the end of June 2013. Prior to joining the Bank of Israel, Prof. Fischer was Vice Chairman of Citigroup from February 2002 through April 2005, where he was also Head of the Public Sector Group from February 2004 to April 2005, Chairman of the Country Risk Committee, and President of Citigroup International. Prof. Fischer was the First Deputy Managing Director of the International Monetary Fund from September 1994 until the end of August 2001.

Karnit Flug

Dr. Karnit Flug served as Governor of the Bank of Israel From November 2013 until November 2018. Prior to her appointment Dr. Flug served as Deputy Governor from July 2011. in June 2001 she was appointed Director of the Research Department and a member of the Bank's senior management—a position she held for 10 years.​