Israel to improve bank transactions for its Palestinian workers

The governor of the Palestinian Monetary Authority, Azzam al-Shawa, announced an agreement with the Bank of Israel on a new mechanism creating an Israeli government body to handle Palestinian bank transactions.
Palestinian employees queue outside a cash machine outside the Bank of Palestine as they wait to withdraw their salaries, in Gaza City on April 9, 2018. (Photo by MAHMUD HAMS / AFP) (Photo credit should read MAHMUD HAMS/AFP/Getty Images)
Palestinian employees line up at a cash machine outside the Bank of Palestine as they wait to withdraw their salaries, Gaza City, Gaza Strip, April 9, 2018. - MAHMUD HAMS/AFP/Getty Images
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Rasha Abou Jalal
@rashaaboujalal1
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GAZA CITY, Gaza Strip — The Palestinian Monetary Authority (PMA) and Bank of Israel agreed on a new mechanism to facilitate Palestinian bank transactions with Israeli banks. PMA Gov. Azzam al-Shawa announced the news in a statement published by WAFA, the official Palestinian news agency, on Oct. 24.

Under this mechanism, an Israeli state-owned body would be established in order to serve as a substitute for the Israel Discount Bank and Bank Hapoalim in dealing with Palestinian banks.

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