The Governor of the Monetary Authority Discusses Ways to Support Financial Stability in Palestine with the Italian Consul

SadaNews - The Governor of the Monetary Authority, Yahya Shanar, met today in Ramallah with the Italian Consul General in Jerusalem, Mr. Domenico Bilato, in the presence of Deputy Governor Mohammed Mnasra and several department directors.

During the meeting, Shanar reviewed the key measures the Monetary Authority is taking to ensure the stability of the banking sector, especially in light of the crisis of excess shekels in Palestinian banks due to the ceilings imposed by Israel on currency transfer operations, and the threat of cutting off banking relations with Israeli correspondent banks. He explained that the continuation of this crisis negatively impacts the banking system's ability to meet the needs of citizens and various economic sectors, particularly the vital commercial sectors responsible for providing essential goods.

Shanar stressed the importance of international action to pressure for the removal of these restrictions, which would help alleviate the burdens on the Palestinian economy and ensure the continuity of economic and banking activities.

The Governor of the Monetary Authority also addressed the efforts of the Monetary Authority in developing the infrastructure for digital transformation and expanding electronic payment systems to facilitate financial transactions for citizens, especially under the current conditions.

For his part, Italian Consul General Domenico Bilato affirmed his country’s commitment to supporting financial and economic stability in Palestine, praising the efforts of the Monetary Authority in enhancing the resilience of the Palestinian economy in the face of current challenges. He also expressed Italy's readiness for joint cooperation and experience exchange between the two sides, which contributes to strengthening capacities and developing areas of financial and banking work.