Cabinet approves Prof. Amir Yaron as next Bank of Israel governor

Yaron, a professor of banking and finance at The Wharton School of the University of Pennsylvania, will succeed Dr. Karnit Flug, who completed her five-year term at the helm of the bank last week.

By EYTAN HALON
Updated: NOVEMBER 18, 2018 17:03
Prof. Amir Yaron (photo credit: Courtesy)
Prof. Amir Yaron
(photo credit: Courtesy)
Israel’s cabinet approved Prof. Amir Yaron as the next governor of the Bank of Israel on Sunday at its weekly meeting.
Yaron, a professor of banking and finance at The Wharton School of the University of Pennsylvania in Philadelphia, will succeed Dr. Karnit Flug, who completed her five-year term at the helm of the bank last week.
“I am pleased to receive the government’s approval for my appointment as governor of the Bank of Israel. I wish to thank the prime minister, finance minister and Israeli government for the faith they have put in me,” Yaron said Sunday in his first public comments since his appointment.
“It is a great honor for me to fill the position of governor, which was previously held by the best of Israel’s economists.”
The 54-year-old American-Israeli professor is a graduate of economics from Tel Aviv University and completed his PhD at the University of Chicago in 1994. Yaron has held his current position at Wharton since July 2009.
“I am aware of the weight of responsibility on my shoulders, and I will do all that is in my power to strengthen the might and continued growth of the Israeli economy, in a way that all of Israel’s citizens will enjoy its fruits,” Yaron said, adding that he was looking forward to returning to Israel and saw his next role as the peak of his professional journey.
“I thank outgoing governor Dr. Karnit Flug, who is handing over to me an institution that is excellently managed and that leads a stable and growing economy.”
Yaron’s appointment was brought to the cabinet for approval after receiving the green light from the Senior Appointments Advisory Committee earlier this month. Candidates for senior state positions must by law be vetted by the committee to ensure that they are qualified to serve.
“Good luck to the new Bank of Israel governor Prof. Amir Yaron in his new position,” said Finance Minister Moshe Kahlon following the cabinet’s approval.
“The Israeli economy is in its best condition since the establishment of the state and we will work together with the Bank of Israel’s new management, led by the governor, to continue the economy’s prosperity.”