The cabinet today approved the appointment of Professor Avia Spivak and Dr. Meir Sokoler as deputies to Bank of Israel Governor David Klein.

Last week this was approved by the appointments committee headed by former Supreme Court Justice Gavriel Bach.

Spivak is head of the Department of Economics, Ben Gurion University of the Negev. He was Prime Minister Ariel Sharon and Finance Minister Silvan Shalom's favored candidate, but is acceptable to Bank of Israel Governor David Klein.

Sokoler is a senior director at the bank, and a member of the management. Klein has recently expanded Sokoler's responsibilities in preparation for this appointment.

The cost of a governor deputy comes to NIS 1.5 million to NIS 2 million annually, but since Sokoler is already a bank employee, he is expected to cost less.