Palestinian monetary authority discusses issuing Palestinian currency

The Palestinian monetary authority's committee will hold a two-day symposium under the auspices of Arab League Secretary General Esmat Abdul Meguid with the participation of the International Monetary Fund, Arab banks' governors and experts on economics and finance on November 13 to discuss issuing an independent Palestinian currency.

On the other hand, ambassador Mohammed Sobeeh, the permanent Palestinian delegate to the Arab League, said the symposium will discuss studies and research about the currencies of the countries that won their independence recently and the process of issuing the currency under the circumstances surrounding it.

Sobeeh added that Fouad Bessesso, the head of the Palestinian monetary authority, holds communications with the Arab states, especially Egypt and Jordan, to learn their points of view to be ready for the Palestinian political leadership.

He added that dealing inside the Palestinian lands with the Jordanian dinar, Egyptian pound, US dollar, and Israeli shekel caused a major loss for the Palestinian economy estimated at $500 million annually because of the transfer differences and the fluctuations of the Israeli shekel in the international market.

He said Israel will object to issuing a Palestinian currency, and this operation will witness a strong battle because of the Israeli insistence on using the Israeli shekel and opposition to issuing a Palestinian currency.