The Palestine Monetary Authority (PMA) reported that Governor Yahya Shunnar met Australia’s Representative to Palestine, Bethany Randell, to review developments in the Palestinian banking sector and discuss challenges linked to the Israeli new shekel (ILS) accumulation crisis, including Israel’s refusal to accept ILS deposits from Palestinian banks to replenish their correspondent accounts. The governor said the situation is affecting the continuity of banking services for citizens and banks’ ability to meet the needs of different economic sectors, and outlined measures initiated by the PMA to alleviate the crisis while maintaining financial system stability. He called for international support to address the issue, maintain correspondent banking relationships and back PMA efforts to strengthen the capacity of the Palestinian banking sector to serve the economy and private sector; Randell indicated Australia’s readiness to support continuity and stability of the banking system in Palestine.
Palestine Monetary Authority 2025-08-05
Palestine Monetary Authority briefs Australia’s representative on ILS accumulation crisis and actions to sustain banking services
The Palestine Monetary Authority reported that Governor Yahya Shunnar met with Australia's Representative to Palestine, Bethany Randell, to discuss the Palestinian banking sector and challenges related to the Israeli new shekel (ILS) accumulation crisis. This crisis affects banking services and economic needs, prompting the PMA to initiate measures for financial stability. Shunnar called for international support, with Randell expressing Australia's readiness to assist in maintaining banking system continuity and stability.