The Coordinating Council for the Private Sector: We hold the Israeli side responsible for the shekel accumulation crisis and are following up on this issue with international parties

SadaNews Economy - The Coordinating Council for the Palestinian Private Sector, as the unifying umbrella and representative of various institutions and activities of the private sector in Palestine, affirmed its position that the Israeli side is responsible for the problem of shekel accumulation and its repercussions on the Palestinian economy, especially the banking sector. It supports any initiatives aimed at pressuring the Israeli side to assume its responsibilities.

The Council emphasized in a statement that it continuously follows up on this issue with international parties, through ongoing communication and coordination with the Palestinian Monetary Authority and the banking sector, with the aim of protecting the Palestinian private sector in all its components and working collaboratively and practically to address any challenges or observations that may arise, ensuring the stability of the national economy and the continuity of economic activity, in accordance with what has been agreed upon between the Council and the Palestinian Monetary Authority.

It stated that the crisis of shekel accumulation essentially stems from the ongoing restrictions imposed on transferring excess currency to the Israeli side, which has led to a significant accumulation of cash in banks' coffers, imposing heavy financial, operational, and security burdens on them, negatively impacting their ability to provide banking services and posing a real challenge to the Palestinian economy, with potentially broad economic and social repercussions.

In this context, the Coordinating Council for the Private Sector called upon the relevant international parties and influential financial and economic institutions to assume their responsibilities and pressure the Israeli side to expedite the issuance of the necessary approvals for transferring excess shekel currency, contributing to addressing this crisis and mitigating its effects on the Palestinian economy and its private sector.