GAZA CITY, Gaza Strip — The National Bank (TNB) announced April 17 the inauguration of the Dahiat al-Barid branch in al-Ram, northeast of Jerusalem, in a first for banks in Palestine since 1967 after the annexation of East Jerusalem to Israel. Hundreds of Palestinian customers residing in Jerusalem have been flocking to the branch to open bank accounts and have their banking transactions executed by a Palestinian bank.
TNB’s move encouraged two other banks to take the same step. The Bank of Palestine and the Bank of Jordan obtained approval by the Palestinian Monetary Authority (PMA) but are waiting for equipment requirements to be met to start operating in the city of Jerusalem. The opening of bank branches aims to facilitate banking operations with the Palestinian Jerusalemites living on the other side of the separation wall, in light of the difficulty of movement from Israel to the West Bank to reach Palestinian banks.
