Prof. Karnit Flug
Prof. Karnit Flug completed her five-year term as Governor of the Bank of Israel in November 2018. In March 2019 she joined the Department of Economics at the Hebrew University.
As Governor, Prof. Flug oversaw the design and implementation of Israel's monetary policy and served as the Economic Advisor to the government. She was widely credited for maintaining stability and supporting growth in the Israeli economy.
Prior to her appointment as Governor, Prof. Flug was the Bank of Israel’s Deputy Governor from July 2011. Between July 2013 and November 2013, she served as Acting Governor.
Previously, Prof. Flug became Director of the Research Department and Chief Economist of the Bank of Israel in June 2001 – a position she held for 10 years. She published numerous papers on macroeconomic policies, the labor market, balance of payments and social policies. 1984, Prof. Flug started as an economist at the International Monetary Fund, before returning to Israel to join the Research Department of the Bank of Israel in 1988. In 1994–96, while on leave from the Bank of Israel, she worked at the Inter-American Development Bank in Washington D.C. as a Senior Research Economist.
Prof. Flug‘s contribution to social and economic policies in Israel has been significant. She served on a number of public and government committees, including the Committee on Increasing Competitiveness in the Economy, the Committee for Social and Economic Change ("the Trajtenberg Committee"), the Defense Budget Prof. Flug received her M.A. (cum laude) in Economics from The Hebrew University of Jerusalem in 1980, and her Ph.D. in Economics from Columbia University in 1985.
In 2018, she was awarded an honorary doctorate from Tel Aviv University in recognition of her “exceptional stewardship of Israel’s monetary policy and economy.” In March 2019, Prof. Flug received the “Governor of the Year" Award for 2018 by the Central Banking Publication.
In each of her five years as Governor of the Bank of Israel, Prof. Flug was ranked among the top 10 central bankers in the world by Global Finance magazine.
Prof. Flug is married with two children.