Monday , July 26 2021

UPDATE 1 – The Israeli Cabinet approved Amir Yaron as the head of the central bank

(Add start date, background)

JERUSALEM, November 18 (ANTARA News) – Amir Yaron, a professor at the Wharton School of University of Pennsylvania, appears to be the next Israeli central bank governor after the Israeli cabinet approved his candidacy on Sunday.

The final decision lies with President Israel Reuven Rivlin, who is widely expected to support Yaron's birth in Israel.

Economists are Prime Minister Benjamin Netanyahu's choice for the position and will replace Karnit Flug, whose five-year term ended last week.

Yaron has lived in the United States for two decades. He cleared the previous special inspection panel in November and will be sworn in on December 24, the Bank of Israel said in a separate statement.

Deputy governor Nadine Baudot-Trajtenberg is currently acting as governor and will chair a monetary policy committee meeting on interest rates on November 26.

"I am aware of the heavy responsibility placed on my shoulders, and I will do all my strength to strengthen the strength and continue the growth of the Israeli economy," Yaron, 54, said in a statement.

"I am happy to return to Israel after many years I spent in the United States pursuing my academic work, and I see this position as the culmination of my professional career."

With inflation now within the government's target of 1 to 3 percent, central bank policy makers are expected to start raising interest rates in the first quarter of 2019. (Reporting by Steven Scheer Editing by Tova Cohen and Susan Fenton)

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