Governor of the Bank
of Israel Dr. Karnit Flug has decided to appoint Bank of Israel Market
Operations Department Director Andrew Abir as a member of the Monetary
Committee, in place of Prof. Nathan Sussman, who will resign from the Bank of
Israel. The appointment will become effective on October 1, 2017. Abir will
continue to serve as Director of the Market Operations Department.

 

According to the
Bank of Israel Law, 5770–2010, the Monetary Committee consists of six
members—the Governor (who serves as Chairperson of the Committee), the Deputy
Governor, an additional Bank employee (currently Prof. Nathan Sussman) who is
nominated by the Governor, and three members from among the public. Currently,
Prof. Reuben Gronau is a member from among the public, as the terms of the
other two members expired and the government has not yet appointed
replacements.

 

Andrew Abir has a BA degree in
Economics and Politics from Oxford University, and an MBA from Hebrew
University. Abir began his career as an economist at the Bank of Israel in 1987.
For five years he managed the Bank’s dealing room, and in 2008 he was appointed
Deputy Director of the Market Operations Department and the Head of the
Department’s Financial Division. In 2011, he was appointed Director of the
Market Operations Department, and led a process of bringing the portfolio
composition in line with the size of the reserves, through an expansion of the
range of investment instruments and targets. The Market Operations Department
is charged with executing the monetary policy in actuality, and within the
framework of his position as Department Director, Abir participates in all
meetings of the Monetary Committee.

 

Governor of the Bank
of Israel Dr. Karnit Flug said, "I thank Andrew for his willingness to
take on the additional responsibility of being a member of the Monetary
Committee. Andrew has accumulated considerable experience in working with the
Monetary Committee; his ability to analyze the developments in the monetary
system, financial markets, and the global economy have been an important input
to the Committee’s work in recent years, and will serve him in his position as
a Committee member,”​