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Central Bank warns of economic crisis after Israeli bank severance
Palestinian Monetary Authority Governor Yahya Shanar warned of the serious consequences of cutting off correspondent banking relations between Palestinian and Israeli banks, explaining that this could lead to the collapse of the Palestinian economy and its essential services. He emphasized that 90% of Palestine’s exports go to Israel, and 100% of its imports come through it, and that disruption of banking channels could cause shortages of fuel, energy, and food, in addition to rising prices, slowed economic activity, and increased unemployment and poverty. He called on the international community to take urgent action to ensure the sustainability of banking relations; otherwise, the crisis could escalate into a broad economic and humanitarian crisis.
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