Israel agrees to speed up 4.5B shekels transfer

Israel has agreed to accelerate the transfer of approximately 4.5 billion shekels (around $1.34 billion) of accumulated Israeli currency surplus held by Palestinian banks. This decision was made immediately after the issuance of the order, which came following Palestinian and international interventions. This measure comes amid a liquidity crisis that the Palestinian banking sector has been facing for months due to the accumulation of Israeli cash. In previous years, annual transfers reached up to 18 billion shekels and were transferred in four installments. However, Palestinian banks have stopped accepting the excess currency due to the ongoing crisis. The early transfer aims to improve liquidity in Palestinian banks and enhance their ability to provide banking services sustainably, especially given the current challenging economic conditions. It is considered a temporary step reflecting the need to establish a sustainable mechanism to reduce reliance on the shekel in daily transactions.

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