22 Hrs
Source:
شبكة راية الإعلامية
Israeli banks to continue Palestinian cooperation until 2026
Deputy Governor of the Bank of Israel, Andrew Afer, stated that the new government will need to find a solution that allows Israeli banks to continue working with Palestinian banks until the end of 2026, after Israel decided to postpone the suspension of banking dealings with Palestinian banks, specifically Discount Bank and Hapoalim. These banks were originally scheduled to cease providing services to Palestinian banks in September and October 2023 due to concerns over terrorism financing and money laundering, but negotiations with the Ministry of Finance led to an extension until the end of 2026. The Minister of Finance oversees the exemption mechanism that permits Israeli banks to process payments for Palestinian entities, while the option of switching the Palestinian Authority to a currency other than the shekel has been ruled out, given its economy’s close ties to the Israeli economy. It is estimated that the transactions between these banks and the Palestinian Authority amount to approximately 51 billion shekels annually, representing 90% of Palestinian trade passing through Israel. This highlights the importance of ongoing banking cooperation to ensure the flow of funds and essential goods.
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