Israel, Palestine banks not honoring each others' checks

Published October 26th, 2000 - 02:00 GMT

It may be a minor detail in the overall context of the current conflict between Palestinians and Israelis, but for the people doing business in the area it can be of vital importance. Evidently, for two weeks already, banks in Israel and the Palestinian territories are not operating a system according to which checks drawn against bank accounts in the other's territory are cleared.  

 

An immediate effect of this breakdown in communication is that banks in Israel are not honoring payments made out on checks of banks located in the Palestinian territories. According to reports in the Israeli press, the primary victims of this development are Arab Israeli and Palestinian merchants, who before the current round of violence began dealt extensively with one another, and now are not able to receive payment for products sold or services rendered. — (Albawaba-MEBG) 

© 2000 Mena Report (www.menareport.com)


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