Andrew Abir to be appointed as member of the Bank of Israel Monetary Committee

Governor of the Bank of Israel Dr. Karnit Flug has decided to appoint Bank of Israel Market Operations Department Director Andrew Abir as a member of the Monetary Committee, in place of Prof. Nathan Sussman, who will resign from the Bank of Israel. The appointment will become effective on October 1, 2017. Abir will continue to serve as Director of the Market Operations Department.

 

According to the Bank of Israel Law, 5770–2010, the Monetary Committee consists of six members—the Governor (who serves as Chairperson of the Committee), the Deputy Governor, an additional Bank employee (currently Prof. Nathan Sussman) who is nominated by the Governor, and three members from among the public. Currently, Prof. Reuben Gronau is a member from among the public, as the terms of the other two members expired and the government has not yet appointed replacements.

 

Andrew Abir has a BA degree in Economics and Politics from Oxford University, and an MBA from Hebrew University. Abir began his career as an economist at the Bank of Israel in 1987. For five years he managed the Bank's dealing room, and in 2008 he was appointed Deputy Director of the Market Operations Department and the Head of the Department’s Financial Division. In 2011, he was appointed Director of the Market Operations Department, and led a process of bringing the portfolio composition in line with the size of the reserves, through an expansion of the range of investment instruments and targets. The Market Operations Department is charged with executing the monetary policy in actuality, and within the framework of his position as Department Director, Abir participates in all meetings of the Monetary Committee.

 

Governor of the Bank of Israel Dr. Karnit Flug said, "I thank Andrew for his willingness to take on the additional responsibility of being a member of the Monetary Committee. Andrew has accumulated considerable experience in working with the Monetary Committee; his ability to analyze the developments in the monetary system, financial markets, and the global economy have been an important input to the Committee’s work in recent years, and will serve him in his position as a Committee member,”​