E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services
October 30, 2024
The foreign ministries of the United Kingdom, France, and Germany (E3) have called for the urgent renewal of Israeli-Palestinian correspondent banking services.
In a joint statement, the E3 said that the suspension of these services, which allow banks to transfer money between each other, has had a “devastating impact” on the Palestinian economy.
“The suspension of correspondent banking services has made it difficult for Palestinian businesses to import goods, pay their employees, and access essential services,” the E3 said. “This has led to a sharp decline in economic activity and a significant increase in unemployment.”
The E3 called on the Israeli and Palestinian authorities to work together to resolve the issue “as a matter of urgency.” The E3 also called on the international community to provide support to the Palestinian banking sector.
The suspension of correspondent banking services is just one of a number of challenges facing the Palestinian economy. The Israeli-Palestinian conflict has also had a major impact on the economy, as has the blockade of Gaza.
The E3’s call for the renewal of correspondent banking services is a welcome step, but it is important to remember that this is just one of the many challenges facing the Palestinian economy. The international community must continue to support the Palestinian people and their aspirations for a just and lasting peace.
Additional information
- Correspondent banking services are essential for the functioning of the global financial system. They allow banks to send and receive money across borders, and they are used for a wide range of purposes, including trade, investment, and remittances.
- The suspension of correspondent banking services to Palestinian banks has been caused by a number of factors, including concerns about money laundering and terrorist financing.
- The Palestinian banking sector is heavily reliant on correspondent banking services. The suspension of these services has made it difficult for Palestinian banks to access the international financial system, which has had a significant impact on the Palestinian economy.
- The E3 is a group of three European countries that have a long history of involvement in the Middle East peace process. The E3 countries are the United Kingdom, France, and Germany.
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