The Director of the Information and Statistics Department at the Bank of Israel, Tsahi Frankovits, today announced his decision to step down from his position at the Bank at the end of August 2015, after seven years in the role. The Governor will form a search committee to recommend candidates for the position.

Tsahi Frankovits joined the Bank of Israel at the end of 2006, heading the Foreign Exchange Activity Department until 2008. In 2008, within the framework of the reorganization at the Bank of Israel, he led the formation of the new Information and Statistics Department, based on the view that statistical data at the Bank should be managed in a central location. The Department led a change in how statistical information is managed at the Bank, seen in the setting of uniform professional standards for managing the data, based on, among other things, international standards. A central data warehouse was set up, as well as an internal statistics portal and a portal on the Bank’s website, which promote the sharing of data both within the Bank and with the outside. Methodologies and statistical databases were developed in new areas, such as the credit market in Israel. In addition, the Department increased the sharing of statistics between the Bank of Israel and other statistical entities in Israel and abroad. In recent years, the Department enhanced its activity in statistical research and development, and developed advanced tools and indicators for analyzing and forecasting economic developments.

In 2014, the Department formulated a multiyear strategic plan for statistics in the Bank of Israel that laid the foundations for continued development of statistics at the Bank in coming years. The plan placed, among other things, particular emphasis on the professional development of the Department’s employees, on continued advancement and development of new infrastructures for managing statistical data, and promoting the use of advanced tools such as data mining,
Governor of the Bank of Israel Dr. Karnit Flug said, “The Information and Statistics Department established at the Bank of Israel through the leadership of Tsahi Frankovits provides the fundamental data that serve the entire decision making process at the Bank. The data provided is based on the highest professional standards, and with constant consideration of how to expand and improve. I thank Tsahi for his professional and dedicated work in a period with many challenges, and wish him much success in his future endeavors.”