Karnit Flug is an Israeli economist who was appointed Governor of the Bank of Israel in October 2013.
Flug (born January 9, 1955) was born in Poland and immigrated to Israel with her family when she was three years old. She attended high school in Jerusalem and later obtained her MA in economics from the Hebrew University of Jerusalem in 1980. In 1985, Flug received a Ph.D in economics at Columbia University in New York, with a thesis titled "Government policies in a general equilibrium model of international trade and human capital".
A year before receiving her Ph.D., Flug began working as an economist at the International Monetary Fund. In 1988, she returned to Israel and joined the Research Department of the Bank of Israel. While on leave from the central bank in the mid-1990's, Flug was employed as a senior research economist at the Inter-American Development Bank.
In 1997, Flug returned to the Bank of Israel as assistant director of the bank's research department. In 2001, she was appointed department director and became a member of the bank's senior management. She was appointed deputy governor of the Bank in 2011.
Following Stanley Fischer's resignation as Governor of the Bank in June 2013, Flug was named acting governor. In October 2013, after a number of appointments by Prime Minister Benjamin Netanyahu failed to secure a new Governor, Finance Minister Yair Lapid announced Flug's appointment as Governor of the Bank of Israel.
Flug is married to Saul Lach and has two children.