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Israel Extends Palestinian Banking Waiver Amid Looming Economic Crisis
Israel recently extended its banking cooperation waiver with Palestinian banks for an additional month, a move that U.S. officials warn could lead to economic instability if not renewed beyond November 30. This brief extension, approved by Israeli Finance Minister Bezalel Smotrich, allows Israeli banks to handle shekel payments related to the Palestinian Authority, facilitating essential transactions for Palestinian salaries and services.
U.S. Call for Long-Term Stability
In a joint statement, U.S. Secretary of State Antony Blinken and Treasury Secretary Janet Yellen highlighted the risks of this short extension, urging Israel to extend the agreement for a minimum of one year. They cautioned that failing to secure stable banking relations could disrupt operations for international banks, Israeli companies in the West Bank, and Palestinians, endangering regional security.
Potential Economic Fallout
The World Bank reports that Palestinian territories are already facing severe economic challenges, with Gaza's GDP plummeting 86% in the first quarter of 2024 due to ongoing conflict. The current financial strain exacerbates the economic freefall, with fears of worsening if banking ties sever entirely.
Backdrop of Conflict
The ongoing Israeli-Palestinian conflict escalated on October 7, 2023, with attacks by Hamas that resulted in over 1,200 Israeli casualties. Israel’s retaliatory actions in Gaza have since led to thousands of deaths and widespread displacement, contributing to a humanitarian crisis.
