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Friday, May 21, 2010

Guess what's behind the stable 'Palestinian' economy

Guess what's behind the stable 'Palestinian' economy. No, not the dollar or the collapsing euro. It's the shekel.
Jihad Al-Wazir, the head of the Palestinian Authority (PA) Monetary Authority, indicated in an interview with Al-Ayam Thursday that the Bank of Israel stands behind the financial strength of the PA. He described a 540-million-shekel deposit the PA made at the Bank of Israel, following a deposit of 282.5 million shekels which brought the PA a million and a half shekels in interest.

Al-Wazir said the banking system in the PA was safe and stable because it is using the shekel as its currency and the Bank of Israel is backing up banks in what he called the "shekel bloc". He said the PA would only go to its own currency after it declares a sovereign state.
NIS 540 million is about $142 million. And you thought the 'poor Palestinians' were broke, didn't you?


At 4:48 PM, Blogger NormanF said...

And the "poor" Palestinians blame the Jews for all their problems.



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