Bank of Israel Governor Stanley Fischer will serve a second five-year term.
Prime Minister Benjamin Netanyahu at a news conference Wednesday at the Knesset announced that he would ask the Finance Ministry to approve the appointment.
Fischer agreed to the appointment after the Knesset voted in favor of a new Bank of Israel Law that he made contingent on agreeing to a second term.
The law, which passed its second and third readings on Tuesday, sets a series of checks and balances on the bank and the governor. The law currently governing the bank was passed in 1954.
Fischer, 66, became a citizen of Israel in 2005 in order to assume the post. He has kept Israel’s economy stable during the recent global recession.