Stanley Fischer will not have to give up US citizenship to be governor of the Bank of Israel. He may be sworn in within a week.
Governor-elect of the Bank of Israel Stanley Fischer will not have to give up his US citizenship, the Bach committee decided last night. The committee stated that Fischer could hold dual US and Israeli citizenship.
The Bank of Israel Law (5714-1954) stipulates that the governor of the Bank of Israel must be an Israeli citizen, but does not state that he must be a resident of Israel.
After only three days of discussions, the Bach committee for the appointment of senior civil servants last night approved the candidacy of Fischer as the eighth governor of the Bank of Israel. The recommendation will be put on the agenda of the upcoming cabinet meeting on Sunday, just one day before the Bank of Israel publishes the interest rate for February.
President Moshe Katsav may swear in Fischer at a ceremony at the President's residence next Wednesday or Thursday.
Fischer told the Bach committee that he intended to transfer his shares to a trustee. The Bach committee recommendation states that this arrangement appears satisfactory, but would require the approval of Attorney General Menachem Mazuz.
Published by Globes [online], Israel business news - www.globes.co.il - on January 19, 2005