Israeli Finance Minister Bezalel Smotrich has revoked a banking waiver essential for Palestinian banks to operate, shortly after he, along with another minister, faced Western sanctions for inciting violence in the occupied West Bank. This cancellation threatens the already vulnerable Palestinian economy, which relies heavily on the Israeli banking system due to the absence of a Palestinian central bank or currency. Smotrich's actions were partly motivated by the Palestinian Authority's efforts against Israeli settlements, marking a significant escalation in tensions.
Smotrich's decision to end the waiver came just hours after sanctions were announced against him for inciting violence against Palestinians in the West Bank.
Warnings have been raised that ending the waiver could devastate the Palestinian economy, as the PA relies on the Israeli banking system.
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