President Uriel Lynn of the Chamber of Commerce Union expressed satisfaction, Monday morning, at the nomination of Ya'akov Frenkel for a second term as governor of the Bank of Israel. The two-time Likud lawmaker said the nomination was made on the basis of Professor Frenkel's proven ability and his past experience, adding that Frenkel had a high degree of independence in his decisions and raised the importance of the bank. Lynn said that Frenkel "contributed to the stabilization of the economy and displayed human sensitivity."
Lynn noted that there were many who criticized Frenkel's policy of high interest rates but the policy turned out to be correct. He also noted Frenkel's position in the world of international finance, which give him a local and global perspective.