An Israeli flag flutters outside the Bank of Israel building in Jerusalem, Aug. 7, 2013. Photo: Reuters / Ronen Zvulun / File.

Israel‘s cabinet plans to vote on Sunday on the nomination of Amir Yaron for Bank of Israel governor, the Prime Minister’s Office said on Thursday.

Israeli-born Yaron, 54, a professor at the Wharton School of the University of Pennsylvania and who has lived in the United States for two decades, was chosen by Prime Minister Benjamin Netanyahu last month.

He would succeed Karnit Flug, whose five-year term concluded earlier this week. Deputy governor Nadine Baudot-Trajtenberg has assumed duties as acting governor.

Yaron last week cleared a key hurdle by receiving approval from a special government vetting committee, which said they did not find any flaws with Yaron’s character.

The cabinet is widely expected to approve the nomination, making him governor at a pivotal time for Israel‘s economy, which is growing at a solid annual pace of about 3.5 percent.

With inflation now inside the government’s target of 1 to 3 percent, policymakers are forecast to start raising interest rates sometime in the first quarter of 2019.

The next rates decision is slated for Nov. 26.