Whar­ton pro­fes­sor to head Bank of Is­rael

Banking Frontiers - - News -

Whar­ton School pro­fes­sor Amir Yaron is the new head of Is­rael’s cen­tral bank, Bank of Is­rael. His ap­point­ment was con­firmed by prime min­is­ter Ben­jamin Ne­tanyahu, who said the coun­try’s cen­tral bank needs an ex­pert on the global econ­omy. The Is­raeli­born Yaron, 54, is a pro­fes­sor at the Whar­ton School of the Uni­ver­sity of Penn­syl­va­nia and has lived in the United States for two decades. He will re­place Kar­nit Flug, whose term ends in Novem­ber. Flug, who opted not to seek a sec­ond five-year term, has had dis­agree­ments with fi­nance min­is­ter Moshe Kahlon over the past 3 years, mainly over fis­cal pol­icy and Kahlon’s pref­er­ence for low­er­ing taxes. Yaron’s ap­point­ment, how­ever, needs clear­ance from a spe­cial vet­ting panel. If ap­proved, he would be­come gov­er­nor at a piv­otal time for Is­rael’s econ­omy, which is grow­ing at a solid an­nual pace of about 3.5%.

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