Finance Minister Avraham Hirchson on Sunday announced Yarom Ariav's nomination for Director General of the Ministry of Finance. He will replace Dr. Yossi Bachar, who has been serving in the position for the past three years. Ariav is expected to replace Bachar at the start of 2007.

Ariav has been working for the past four years as the CEO of Israel Chemicals in Europe. Between 1989 and 1993, he served as deputy budget director.

A trained economist, Ariav, 52, is married and the father of four. A resident of Mevaseret Zion, he holds BA and MA degrees with honors from the Hebrew University of Jerusalem.

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The finance minister expressed appreciation for the work done by Bachar. According to Hirchson, Bachar conceived, led, and accomplished significant economic reforms, and his contributions to the Israeli economy are worth considerable mention.

Hirschon added that he worked with Bachar in harmony and continual cooperation, and wished him much success in the future.

Ariav's nomination will be brought for final approval before the committee for public appointments and the government.