Fischer died at the age of 81 in the U.S. surrounded by family after a prolonged illness.

President Isaac Herzog called him “a great governor of the Bank of Israel,” adding, “He was a world-renowned professional, straightforward, with a heart of gold. He loved peace and pursued peace. A good friend who we will always remember.”

Born in 1943 in Northern Rhodesia (now Zambia), Fischer showed an early aptitude for science before a family friend steered him toward economics. He earned degrees from the London School of Economics and later completed a PhD at MIT in 1969. He became an American citizen in 1976 and obtained Israeli citizenship in 2005.