Israel’s Fischer Released From Hospital After Overnight Stay

Outgoing Bank of Israel Governor Stanley Fischer was released today after being hospitalized overnight for dehydration and exhaustion.

Fischer, 69, was checked by medics at his home last night before being taken to Sheba Medical Center near Tel Aviv. He underwent tests and was given intravenous fluids, the bank said in an e-mailed statement today.

“The governor will return to his normal work schedule tomorrow,” the central bank said.

Fischer is in his final days in the job after announcing in January that he would leave at the end of June, midway through his second five-year term. Jacob Frenkel, chairman of JPMorgan Chase International, was appointed June 23 by Prime Minister Benjamin Netanyahu as his successor and will return to the post he held in the 1990s.

“He was a very important and very successful governor in terms of the development of the Israeli economy,” Fischer said at a farewell press conference in Jerusalem yesterday. “I have no reason to think that he won’t be an outstanding governor.”

Fischer, who oversaw the bank’s monetary policy decision for the last time on June 24, held the benchmark rate at 1.25 percent after cutting twice last month. The panel cited as one reason the U.S. Federal Reserve’s signal last week that it may start scaling back the monthly bond purchasing program known as quantitative easing.

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