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US says Israeli waiver for Palestinian banks cooperation was ‘very short term’
The US has said Israel’s decision to sign a waiver to extend cooperation between Israeli and Palestinian banks another month is only for a “very short term duration”, warning there’s “another looming crisis” coming on November 30.
The comments come after Bezalel Smotrich, Israel’s finance minister, under pressure from US Treasury Secretary Janet Yellen, signed a waiver extending cooperation between the banks for another month after the previous agreement expired on Thursday.
In June, Smotrich extended a four-month waiver allowing cooperation between Israel’s banking system and Palestinian banks in the occupied West Bank.
That waiver allowed Israeli banks to process shekel payments for services and salaries tied to the Palestinian Authority. Without the waiver, Palestinian banks are cut off from Israel’s financial system.
Israel’s waiver on cooperation with Palestinian banks, explained
- The waiver lets Israeli banks process shekel payments for services and salaries tied to the Palestinian Authority.
- Cooperation from Israeli banks is critical for imports of essential goods into the Palestinian territory and all banking activity.
- Essentially, the waiver allows financial correspondence between banks in Israel and the occupied West Bank. Without it, the banks in the latter would not be able to function as they are dependent on Israeli banks – their financial window to the rest of the world.
- Israel’s far-right Finance Minister Bezalel Smotrich has threatened to not sign the waiver.
- The Palestinian economy is dependent on Israel: The Israeli shekel is the Palestinians’ de facto currency, and Israel is by far their largest import and export market.
- Washington and other Western capitals are worried that an end to banking cooperation would cause an economic collapse in the West Bank that would further destabilise the region.
- The UN has warned that “unilaterally cutting off Palestinian banks from the global banking system would be a violation of the fundamental principles of international law.”
Lloyd Austin discusses ‘opportunities for regional de-escalation’ with Yoav Gallant
The US secretary of state held a phone call with his Israeli counterpart in which he “reiterated US commitment to a diplomatic arrangement in Lebanon”, that would allow communities on both sides of the border to return home.
Lloyd Austin also reaffirmed to the Israeli defence minister the US’s commitment to defending its troops and Israel against “threats from Iran and Iran-backed proxies”, according to a Pentagon readout of the call.
Austin also reportedly urged Israel to “improve the dire humanitarian conditions in Gaza”, after the US warned on October 13 that Israel had 30 days to improve the situation or risk facing military aid restrictions.
Yeah that 'deadline' is up on November 12th, shortly after the elections. (Hence the 30 days to postpone till after the elections). So far no improvement
https://data.humdata.org/dataset/state-of-palestine-gaza-aid-truck-data
After the elections, could Biden actually put some restrictions on military assistance as needed according to US law?
Israeli army to remain in Gaza ‘for many years’: Smotrich
Israeli Finance Minister Bezalel Smotrich has said that “Gaza must be reoccupied”. “The Israeli army will remain in the Gaza Strip for many years to ensure security,” Smotrich said, in an interview with Israel’s Makor Rishon newspaper.
“The army will maintain operational security control in the long term in Gaza to achieve the objectives of the war and to prevent Hamas from recovering. “In my estimation, a political settlement will be reached by the end of the year,” he added.
