GAZA CITY, Gaza Strip — Despite the efforts by Fatah and Hamas to seal the Palestinian reconciliation deal and the concessions offered by Hamas, some issues that went undiscussed during the Egyptian-sponsored rounds of dialogue in Cairo remain outstanding.
After the Hamas takeover of the Gaza Strip in 2007, two banks were established to jump-start the economy in the Gaza Strip and disburse the salaries to the employees of the de facto government in Gaza, accounting for around 45,000 civilian and military employees.
The Palestine Monetary Authority (PMA) — the Palestinian Authority’s central bank — refused to deal with the government in the Gaza Strip and still has yet to recognize the Palestinian Production Bank established on May 29, 2013, and the Islamic National Bank established on April 21, 2009. The banks were opened with contributions from Arab businessmen with the approval of the Hamas government. The Palestinian Production Bank was established with a capital of $20 million, far less than the amount required by the PMA, set at $60 million.
That banks have not reached the agenda of the reconciliation dialogue has sparked fears and concerns among the Gaza Strip employees as well as among citizens and investors who depend on these banks, which are not legally recognized by the PMA.
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