Ashraf AboArafe
ARAB League Secretary-General Nabil Fahmy received Palestinian Monetary Authority Governor Yahya Shannar yesterday, September 1, to address the escalating crisis confronting Palestine’s banking sector due to Israeli government measures.
According to an official spokesperson, Shannar detailed the severe fallout from Israel’s recent financial policies. Executed in direct violation of the 1994 Paris Protocol, these actions aim to strangle the Palestinian economy, sever its international banking ties, and cripple its capacity to process foreign transactions—including vital payments for essential imports, electricity, and water services. Furthermore, Israel continues to withhold Palestinian clearance revenues, with total deductions exceeding $6 billion.
Fahmy expressed unwavering support for Palestine against this deliberate scheme to undermine the Palestinian Authority and deepen the economic strain on its citizens. He urged swift international action to halt these unlawful measures and pressure the Israeli government to end its aggressive economic campaign.
Commending the Monetary Authority’s efforts under challenging conditions in the Occupied Territories, Fahmy warned that Israel is waging an all-out economic war on Palestine following its devastating actions in Gaza. He emphasized that the far-right settlement movement’s agenda uses economic warfare to force Palestinian capitulation, reiterating that the international community carries a grave responsibility to counter this extremist push and preserve the viability of the two-state solution.
