The governor of the bank of Israel, Stanley Fischer, has submitted his resignation.

Mr Fischer, who was once tipped to lead the International Monetary Fund, has told Israeli Prime Minister Benjamin Netanyahu that he will be stepping down on June 30, The Bank of Israel has said.

He was formerly the deputy director of the IMF. He was appointed to a second five-year term at the Bank of Israel in 2010.

Mr Netanyahu tweeted saying: "Professor Stanley Fischer played major role in economic growth of State of #Israel and in the achievements of the Israeli economy".