A proposal by Bank of Israel Governor Stanley Fischer would put the images of four poets on the country's bills. The proposal will be presented to the cabinet today for approval.

Rachel Bluwstein would appear on the NIS 20 note, Shaul Tchernichovsky would be on the NIS 50, Leah Goldberg on the NIS 100 bill and Nathan Alterman on the NIS 200.

The central bank is planning to print new bills within three years. Currently, there are no plans to create a NIS 500 bill.

The bank explained to the ministers that the poets were selected for each note according to the order in which they died.

"Developed nations tend to replace their bills every 15 to 20 years, in keeping with political, public and economic circumstances. This is partly due to aging security features and the development of more modern ways to prevent forgeries," the central bank explained.

Israel's current bills have been in circulation since 1999. The bank intends to incorporate some of the world's most advanced anti-forgery measures into the new bills, it said.

A public committee led by retired Judge Jacob Turkel had recommended that Israeli currency feature poets, the bank explained.

Earlier, Fischer had intended to feature two former prime ministers and two poets on the latest sets of bills, but the family of Menachem Begin, one of the prime ministers who would have been depicted, objected.