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LBCI Lebanon
Israeli banks plan to end Palestinian banking ties
Reports indicate that two Israeli banks plan to cease their dealings with Palestinian banks, threatening an economic crisis in the West Bank. Five Palestinian banks will lose their connection to the Israeli "Hapoalim" Bank on August 13, and banks through "Discount" Bank will be out of service starting September 1, due to legal concerns and risk environment issues, despite the Israeli government renewing liability exemptions for the banks since 2018. This move undermines a vital role in financing Palestinian imports from Israel and wage transfers, raising fears of an economic downturn in the region.
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