Israeli banks Bank Hapoalim and Discount Bank plan to end correspondent banking services with Palestinian lenders within weeks, raising fears of a financial crisis in the West Bank. The move could disrupt trade payments, imports, exports and salary transfers. Israeli banks cited rising legal and financial risks behind the decision.
Israeli banks have notified their Palestinian counterparts that they plan to end key correspondent banking services within weeks, according to Palestinian and Israeli officials, triggering concerns over a potential economic crisis in the occupied West Bank.
The banking links are crucial for financing imports from Israel, including electricity, water, fuel and food, besides facilitating salary transfers for Palestinians employed in Israel.
"This is not simply a technical banking matter. These channels are a cornerstone of the infrastructure that underpins our trade, our commerce, and the daily life of millions of people," Palestinian Monetary Authority Governor Yahya Shunnar told journalists on Thursday.
Banking Services to End Within Weeks
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