Former Bank of Israel governor David Klein dies age 86

David Klein, a former governor of the Bank of Israel, has died at the age of 86, the central bank announced on Wednesday.

Klein, who died Tuesday night, held a number of positions at the Bank of Israel starting in 1987, including heading its Monetary Department. He then served as the bank’s seventh governor from 2000 to 2005, at a time when Israel faced an economic crisis. In his role, Klein helped set out tools to measure monetary policy results, and drove policies to lower inflation and maintain price stability, liberalize the foreign exchange market, and increase stability and competition in the financial system, the statement said.

“The people at the Bank of Israel for generations and I today bow our heads in memory of David, cherish his great contribution to the Bank of Israel and the Israeli economy, and share in the deep sorrow of the family. May his memory be blessed,” current central bank chief Amir Yaron said in the statement.