JERUSALEM (dpa-AFX) - The Israeli government has extended for another year indemnification for Israeli banks to continue correspondent banking relationships with Palestinian counterparts.
The indemnity waiver, which protects Israeli banks with banking relations with banks in the Palestinian Authority from anti-terrorism laws, was scheduled to expire Thursday.
Israeli Finance Minister Bezalel Smotrich extended the indemnification well ahead of the deadline.
The one-year extension by the far-right Finance Minister saved the West Bank economy from the brink of collapse.
The United States welcomed Israel's decision to approve a one-year extension of its indemnification for Israeli banks.
Economic stability in the West Bank is essential for Israeli and Palestinian security, and correspondent banking is a key pillar of that economic stability, the Department of State and the Department of the Treasury said in a joint Statement.
The United States appreciates the ongoing engagement with the Government of Israel and the Palestine Monetary Authority on this matter, they added.
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