Israel-Palestinian Bank Waiver Extended Amid Tensions
Israel-Palestinian Bank Waiver Extended Amid Tensions
Israel-Palestinian Bank Waiver Extended Amid Tensions
News summary

Israeli Finance Minister Bezalel Smotrich has extended a waiver allowing cooperation between Israeli and Palestinian banks by one month, responding to pressures from the U.S. and Western allies. This short-term extension has raised concerns of an impending financial crisis in the West Bank by November 30, with the U.S. urging for a longer-term solution to prevent economic collapse. The waiver enables Israeli banks to process shekel payments for Palestinian services and salaries, crucial for maintaining financial stability in the region. Smotrich's decision appears strategically timed, coinciding with upcoming U.S. elections, potentially using further extensions as leverage in diplomatic negotiations. The Palestinian economy is heavily dependent on this banking relationship, with fears of regional destabilization if cooperation ceases. The U.S. has even considered sanctions against Smotrich for his policies that threaten the Palestinian Authority's financial resources and regional security.

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