Bank of Israel Governor, U.S. born Stanley Fischer, on Tuesday told Prime Minister Benjamin Netanyahu of his intention to resign at the end of June, after eight years in office.

The dramatic announcement that was published at noon by the Bank of Israel said: “The Governor noted that in addition to his goal of promoting the economy, one of the main tasks he set for himself was to pass a new law regulating the Bank of Israel. And, indeed, the bank has been functioning successfully under the new law, as reflected in the working of its Monetary Committee and Administrative Council.”

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Fisher made clear he will continue to engage “fully in all the issues on the Bank’s agenda” in the coming months, to allow the government to “conduct an orderly and thorough process of select the next governor.”

The Governor thanked Finance Minister Yuval Steinitz, Chairman of the Knesset Finance Committee, MK Moshe Gafni, members of the Monetary Committee and members of the Administrative Council of the Bank of Israel, as well as the management and employees of the Bank of Israel with whom he has had the privilege of working during his tenure as governor.”

The Tel Aviv Stock Exchange responded to to the Governor’s announcement with declines toward the end of the trading day.

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