Bank of Israel Governor Stanley Fischer is two years above the age limit of 65 that the IMF has set for an incoming managing director.

Fischer expressed regret that the IMF board decided not to change its rules to allow him to run, saying in a statement that the age limit “is not relevant today.” “The governor of the Bank of Israel believes that the age issue is technical and should have been waived so that the board of IMF could consider who is the candidate most capable of leading the IMF at this time,” the statement said.

Fischer’s candidacy had been considered a long shot, primarily because the fund historically has been led by a European. Fischer was born in the southern African nation now known as Zambia, and has US and Israeli citizenship.

In a statement from Washington on Monday, the IMF said it would consider two candidates — front-runner Christine Lagarde, the French finance minister, and Agustin Carstens, Mexico’s central bank chief.

The IMF’s last chief, Dominique Strauss-Kahn, resigned last month after his arrest on sexual assault charges. He has pleaded not guilty.