Frenkel drops bid to be next governor of the Bank of Israel

Jacob Frenkel

Jacob Frenkel has dropped his bid to replace Stanley Fischer as Bank of Israel governor, citing the volume of criticism he has faced over an allegation of theft dating back seven years.

Frenkel was asked to return to the post by Israeli prime minister Benjamin Netanyahu and finance minister Yair Lapid last month. Frenkel previously served as governor between 1991 and 2000.

His decision to withdraw his candidacy puts the government back at square one, with the central bank's acting governor Karni

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