Israel's central bank chief to step down in Nov.

JERUSALEM, July 6 (Xinhua) -- Israel's central bank chief told Prime Minister Benjamin Netanyahu on Friday that she will not submit her candidacy for another term in office.

Karnit Flug's five-year term will therefore end, by law, on Nov. 12, 2018.

Flug also advised Netanyahu to ensure that the next governor's election procedure, which is made by the government, will not affect the independence and professionalism of Israel's central bank.

During her tenure, Flug often clashed with Israel's Finance Minister Moshe Kahlon over his intention to cut taxes.

As the tensions increased between Flug and Kahlon, it was expected that the minister will not support extending her term.