Jacob Frenkel Says He's Not a Candidate for Bank of Israel Job

(Bloomberg) -- Jacob Frenkel, chairman of JPMorgan Chase International, said he supports Karnit Flug’s re-appointment as Bank of Israel governor amid rumors that she may not get another term.

Israeli media have reported on potential candidates to replace Flug, including Frenkel, after the Finance Ministry lambasted the central bank for criticizing its policies. Frenkel served as Bank of Israel governor in the 1990s and was Prime Minister Benjamin Netanyahu’s top pick for the job in 2013 before withdrawing during the vetting process.

“I’m not a candidate for anything,” Frenkel said in an interview with Bloomberg Television, responding to the rumors. Of Flug, he added: “I hope she will get another term, she’s doing a very good job.”

Flug, whose term ends in November, has clashed with Finance Minister Moshe Kahlon over his housing and tax policies. The spat intensified last month when the Bank of Israel criticized Kahlon’s housing policy in its annual report; Hebrew media then reported the governor wouldn’t be appointed to a second term.

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