Photo: The flag of Israel is scattered in Paris on August 7, 2013 outside the Israeli bank building in Jerusalem. REUTERS / Ronen Zvulun / File Photo
Israeli Prime Minister Ehud Olmert has approved the nomination of Amir Yaron, the Israeli prime minister said.
The final decision is made by Israeli President Reuven Rivlin.
Yalon, 54, an Israeli-born professor at the Wharton School in Pennsylvania, was elected by Benjamin Netanyahu for the last 20 years.
He will win Karnit Flug, whose five-year term ended last week.
"I know I have a heavy responsibility on my shoulders and will do everything I can to strengthen the strength and continued growth of the Israeli economy," Yaron said in a statement to the governor of the Bank of Israel.
"I am delighted that I have returned to Israel in a few years since I continued my studies in the US and I see this as the culmination of my career."
The Monetary Policy Committee of Israel decided on November 26th.
Steven Scheer's report; Editing Toba Cohen