Smotrich extends permission for cooperation between Israeli and Palestinian banks

Israeli Finance Minister Bezalel Smotrich has extended permission for the Israeli banking system to cooperate with Palestinian banks located in the West Bank, Reuters reports.

The permit expired next night. It allows Israeli banks to make shekel payments when it comes to transactions with the Palestinian financial system, in particular, transferring funds to pay salaries.

The Israeli shekel is the main currency used in the Palestinian territories. According to official figures, about 53 billion shekels were exchanged in PA banks in 2023.