Stanley Fischer is stepping down from his position as governor of the Bank of Israel.
Fischer, 69, will be leaving office on June 30 after serving eight years that included shepherding the Israeli economy through the global financial crisis of 2007-08. His term was scheduled to end in 2015.
He reportedly informed Israeli Prime Minister Benjamin Netanyahu of his decision on Tuesday, according to the bank. He is scheduled to hold a news conference on Wednesday morning to discuss his decision to leave.
Fischer said in a statement issued Tuesday by the bank that he was grateful for the opportunity to serve as the governor of the Bank of Israel, "especially during a challenging period that included the global economic crisis, a complex geo-political reality, and domestic social issues."
In 2010, Fischer was named the world's best bank governor. Following the global economic woes of 2007-08, in September 2009, the Bank of Israel became the first bank in the developed world to raise its interest rates.
Fischer became an Israeli citizen when he assumed his position. He is known for his American-accented but nearly flawless Hebrew.
He previously served as chief economist at the World Bank.
Fischer earned a doctorate in economics from the Massachusetts Institute of Technology, where he also worked as a professor.
Netanyahu said Fischer played a major role in the economic growth of the State of Israel and in the achievements of the Israeli economy.
"His experience, his wisdom and his international connections opened a door to the economies of the world and assisted the Israeli economy in reaching many achievements during a period of global economic crisis," Netanyahu said after meeting with Fischer.