Palestinians queuing to withdraw cash from an ATM in the main market of the West Bank city of Ramallah, June 9, 2024. (Credit: Jaafar Ashtiyeh/AFP)
"The actions of certain members of your government to deny the West Bank access to financial resources jeopardize Israel's security and threaten to further destabilize the entire region at an already critical time." In a letter sent last week to Israeli Prime Minister Benjamin Netanyahu and revealed by Axios, US Treasury secretary Janet Yellen, along with seven foreign counterparts, expressed concerns about the potential collapse of the Palestinian economy. This stems from the possibility that Israeli Finance Minister Bezalel Smotrich, an ultra-nationalist, may not renew a waiver expiring on Oct. 31. This waiver allows Palestinian banks to be integrated into the Israeli financial system, jeopardizing an economy that relies on the shekel.Before the Oct. 7 attacks carried out by Hamas, the banking waiver was renewed annually for 12 months....
"The actions of certain members of your government to deny the West Bank access to financial resources jeopardize Israel's security and threaten to further destabilize the entire region at an already critical time." In a letter sent last week to Israeli Prime Minister Benjamin Netanyahu and revealed by Axios, US Treasury secretary Janet Yellen, along with seven foreign counterparts, expressed concerns about the potential collapse of the Palestinian economy. This stems from the possibility that Israeli Finance Minister Bezalel Smotrich, an ultra-nationalist, may not renew a waiver expiring on Oct. 31. This waiver allows Palestinian banks to be integrated into the Israeli financial system, jeopardizing an economy that relies on the shekel.Before the Oct. 7 attacks carried out by Hamas, the banking waiver was renewed annually for 12...