JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu has nominated a University of Pennsylvania business school professor to be the next chief of Israel's central bank.

Netanyahu said Tuesday that Amir Yaron is "the most qualified for the position of Bank of Israel governor" and is "considered one of the world's experts in financial economics."

Yaron, an Israeli national, is a professor of banking and finance who has taught at the Wharton School since 2009.

Outgoing Bank of Israel Governor Karnit Flug issued a statement saying she looked forward to helping Yaron with the transition.

Flug announced in July that she would not seek another five-year term. Her term ends in November.