After eight years as governor of the Bank of Israel, Stanley Fischer is retiring. President Shimon Peres stated, "the Israeli economy is outstanding when the objective situation is taken into account. One such factor is that the expenditure in the country matches the size of the state, but the security situation is also an economic challenge which is measured not by the size of the country but by the size of the threat." He made the statements Tuesday as Fischer issues his final year-end report. Fischer was born in Zambia and moved to the United States before making aliyah.