Jacob Frenkel, who completed two terms as Bank of Israel governor between 1991 and 2000, has been nominated to return to his old role at the central bank when Stanley Fischer leaves the post.

A statement released yesterday by the Israeli government said prime minister Benjamin Netanyahu and finance minister Yair Lapid had decided to appoint Frenkel. He must still be approved, however, by a committee headed by judge Jacob Turkel and the Israeli cabinet, before he can take up the role.

Frenkel is