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Palestinians blame shekel surplus for weighing down West Bank economy - The Times of Israel

Palestinians blame shekel surplus for weighing down West Bank economy - The Times of Israel

Palestinians blame shekel surplus for weighing down West Bank economy - The Times of Israel
Oct 17, 2021 1 min, 5 secs

Much of the paper money is brought in by the tens of thousands of Palestinians who work inside Israel or Jewish settlements in the West Bank, and who get their wages in cash.

The Palestinian Monetary Authority, which functions as the central bank in the West Bank, has warned that paper shekels are building up because it has no way to return the hard currency to Israel.

The shekel was established as the official currency in the West Bank and the Gaza Strip as a result of economic protocols known as the Paris agreements that followed the Oslo Accords between Israel and the Palestinian Authority.

The cash surplus predicament has fueled renewed calls from some Palestinian experts in favor of ditching the shekel, either in favor of a unique Palestinian currency or that of another nation, including the Jordanian dinar, which also circulates in the West Bank.

The Palestinian Monetary Authority is also pushing the Bank of Israel to take back more hard currency.

In Streetwise Hebrew for the Times of Israel Community, each month we'll learn several colloquial Hebrew phrases around a common theme.

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