Ramallah – Ma’an – Governor of the Monetary Authority, Dr. Firas Melhem, said that the banking relationship with the Israeli side is still continuing, indicating that there is no need to be afraid regarding the crisis of the shekel accumulation in Palestinian banks.

Melhem explained in an interview with Ma’an that the threats of Israeli Finance Minister Smodrich about sanctions on Palestinian banks as part of his plan to undermine the Authority created a kind of confusion and fear, which led to citizens going to banks to deposit money, especially in the shekel currency, which created a burden on the banks, which resulted in Regarding the difficulty of depositing money in bank vaults, they said: There are solutions being worked on to prevent the shekel from accumulating.

Regarding the failure of some banks to accept and receive cash currencies in particular, Melhem said: ‘We have contacted the banks and there is no problem with depositing shekels as long as all deposit ethics are in place.’

Regarding the Is
raeli sanctions on Palestinian banks, he confirmed that there is communication with the Israeli side where this file will be arranged, stressing that there are obstacles but solutions will be found for them, indicating that this crisis is an immediate crisis and work is underway to solve it.

Regarding the proposed solutions, he added: ‘We have created some immediate solutions for cash deposits, and in the coming days there will be strategic solutions, but we are in a transition phase for electronic payment, which will avoid any overcrowding crisis, stressing that electronic payment is the ideal solution for not accumulating cash currency in the Palestinian market.’

In his interview with Ma’an, Melhem pointed out that the Monetary Authority worked hard to provide systems and applications for the transition to electronic payment in Palestine, noting that within two months an immediate payment system and immediate transfer between banks and banks with electronic wallets will be provided, and these systems will
help in the transition to electronic payment at very low fees.

Regarding the Israeli sanctions on Palestinian banks, he confirmed that there is communication with the Israeli side where this file will be arranged, stressing that there are obstacles but solutions will be found for them, indicating that this crisis is an immediate crisis and work is underway to solve it.

Source: Maan News Agency