RAMALLAH, Thursday, October 25, 2018 (WAFA) - The Palestinian Monetary Authority (PMA) and the Central Bank of Israel have reached an agreement on a new mechanism to facilitate currency transactions between Palestinian and Israeli banks which includes setting up an Israeli government agency that would serve as an alternative to dealing with the banks operating in Palestine to the Israeli Discount Bank and Bank Hapoalim, PMA Governor Azzam al-Shawwa said on Thursday.

The new mechanism aims at facilitating the exchange of checks and transfers between the two parties in light of restrictions by the Israeli banks on dealing with some branches of banks in Palestine.

Shawwa said that the PMA has exerted great efforts to resolve this problem with the two banks in order to facilitate Israeli shekel transactions for several Palestinian sectors, especially for the businesses and the workers in Israel.

M.K.