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The cabinet is expected to approve the plan to restructure the Bank of Israel's management on Sunday. The change would create two new bodies - one panel to determine the bank's monetary policy, and another to make management decisions.

Since the bank was founded in 1954, the bank governor was responsible for all decisions in these departments. The changes are coming as part of the new Bank of Israel law, which passed in 2010 at the urging of central bank governor Stanley Fischer.

The monetary panel's responsibilities will include setting rates and deciding on foreign currency purchases, and will include three bank representatives and three external representatives. The bank governor will chair this panel and have a double vote.

The three external representatives will receive monthly pay of NIS 24,000 plus NIS 3,840 in VAT, as well as reimbursements for travel and other expenses.

The second body, the management panel, will have five external representatives and two bank representatives, and will function as a board of directors. Its chairman will be Dan Propper, who is also chairman of food manufacturer Osem.