Reports from economic analysts or major financial news outlets

Israel Extends Palestinian Bank Cooperation Waiver for One Month Amid U.S. Pressure

Oct 31, 2024, 02:18 PM

The UK, France, and Germany are united in calling for the urgent renewal of Israeli-Palestinian reciprocal banking arrangements without delay, warning that refusal to do so will endanger regional security and harm businesses. Under U.S. pressure, Israel has extended the Palestinian bank cooperation waiver for one month. Israeli ultranationalist Finance Minister Bezalel Smotrich will sign the extension of the authorization for Israeli banks to maintain relations with Palestinian banks in the West Bank for one more month only. Germany, France, and Britain call for the renewal of correspondent banking services for at least one year, stating that failure to renew would suspend cross-border trade. The E3 statement emphasized that Israel's failure to renew the measures would be catastrophic for the Palestinian economy. The German foreign office made their statement on Thursday.