Bank of Israel Governor Stanley Fischer officially joined the race for chief of the International Monetary Fund Saturday.

Fischer served as deputy IMF chief between the years 1994-2001, but his chances of being picked to the position of chief are low.

One of the problems with Fischer's candidacy is his age. In a few months he will be 68, and IMF guidelines automatically reject anyone over 65. The fund's board of directors is set to discuss the matter soon.

In addition, analysts say French Finance Minister Christine Lagarde is a shoo-in for the position, as she had garnered support from most of Europe as well as Japan and the US.

Another likely candidate is Mexican central bank governor Agustin Carstens, who may be chosen because he represents countries with newly burgeoning economies.

In case of a deadlock between the two sides Fischer may be chosen as a neutral candidate. The governor has so far refrained from offering candidacy because of his low chances.

The post of IMF chief was recently vacated by Dominique Strauss-Kahn, who is currently awaiting trial for sex crimes charges after allegedly assaulting a hotel maid in New York.