The fighting between Israel and Hamas in Gaza is likely to have only a limited impact on Israel's economy if it ends quickly, Bank of Israel governor Stanley Fischer told CNBC's "Closing Bell" on Tuesday.
"If this ends in a day or two, we'll come out of it without much impact on the economy despite all the very difficult scenes that we're seeing at the moment," Fischer said.
Pointing to the war in 2006, Fischer said that they tend to have an impact while they're going on but then the economy bounces back sharply.
The United States signaled on Tuesday that a Gaza truce could take days to achieve after Hamas, the Palestinian enclave's ruling Islamist militants, backed away from an assurance that it would stop exchanging fire with Israel within hours. (Read More: Clinton Suggests Gaza Cease-Fire Could Take Days.)