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Leiderman picked to be Israel central bank chief

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July 31, 2013 12:56 PM EST | AP

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JERUSALEM — Israel's prime minister has appointed economist Professor Leonardo Leiderman as central bank chief following the withdrawal of the former candidate.

A statement from the Prime Minister Benjamin Netanyahu's office Wednesday says the appointment still has to pass a committee and a cabinet vote.

The Argentinian-born Leiderman has been a faculty member at Tel Aviv University for the past 20 years and is also a macroeconomic adviser to Israeli Bank Hapoalim. He has a doctorate in macroeconomics from the University of Chicago and has written seven books.

Leiderman's appointment comes after Netanyahu's previous choice for central bank chief, Jacob Frenkel, had to withdraw his nomination over an old shoplifting case. Frenkel was never charged or detained over the allegation stemming from an incident at a Hong Kong airport seven years ago.