Central Bank Deputy Governor
The Deputy Governor of the Palestine Monetary Authority confirmed that the Israeli restrictions on transferring the excess currency and the Sheikhal accumulation crisis are mainly linked to Israeli measures. The Authority is working on multiple fronts to address the crisis, including developing the electronic payment system, increasing the currency transfer cap, and implementing swap operations worth $3.5 billion to improve liquidity and finance foreign trade, despite these operations resulting in the freezing of bank assets estimated at around $9.5 billion. He explained that banks are obliged to receive Sheikhal deposits according to the instructions, and that the crisis conditions necessitate reliance on electronic payment methods and a reduction in dependence on paper cash.
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