Stanley Fischer, the Governor of the Bank of Israel, called a special press conference on Wednesday following the surprise announcement of his retirement.

"I'm leaving the central bank in good condition," Fisher said. "I'm intend to work until the end and I have another 5 months left. Eight years is a long time. I intended to stay here eight years. I arranged with the Prime Minister that I would leave after submitting the budget. I wrote a list of goals and I attained many of them."

According to Fischer, "The next Governor will be in a better position than I was when I came to the Bank of Israel. We have a Monetary Committee with three outside professors. It makes better monetary policies based on quality. It supports the next Governor and whatever he will do and prevents him from making big mistakes . The Bank of Israel works at very high level. I can't remember any mistakes."

Fisher noted that the economy faces "many challenges", such as creating a "responsible budget that will keep us stable." Fischer, who will step down at the end June, met with Prime Minister Binyamin Netanyahu on Monday to inform him of his retirement.

Netanyahu thanked Fischer for his successful tenure and for steering the country through a critical era of global economic turmoil. "Fisher was a key partner in Israel's economic growth and the economic achievements," stressed Netanyahu.