Filistin has the practice of Israeli Shekel (ILS), US Dollar (USD) and Jordanian Dinar (JOD).
The number of countries recognizing Palestine of independent country is increasing. After Britain, Canada, Australia and Portugal, now France has also approved. At the United Nations meeting, French President Macron said, “We have to make a way of peace and he called the issue of recognition as the defeat of Hamas.” However, Israeli Ambassador Danny Danon said that his government will answer it.
Palestine is struggling with many types of struggles. They do not even have their own official currency. Currently, three different postures are being used in Palestine, especially in West Bank and Gaza Strip. This includes Israeli Shekel (ILS), US Dollar (USD) and Jordanian Dinar (JOD). Now the question arises that why there is a trend of three types of currency here?
Why three types of currency in Palestine?
There are many reasons behind running three types of currency here. First Palestine does not have its own national currency. It is not an independent and sovereign country. Therefore, independent currency is not able to print and control it. Now it is the turn why Israeli currency goes here. The reason for this is the Oslo Agreement.
After the agreement in the 1990s, it was decided that the main transaction in Palestine would be done in the Israeli currency Shekel.However, after this the question also arose that by using the Shekel completely, Palestine’s economy should not go under the control of Israel. Therefore, Dinar and Dollar are also used. The aim is that stability became. However, people here use all three currency differently, which is quite interesting.
Here JordanianWhy the practice of Dinar?
Why is the US dollar and Jordanian Dinar trend in Palestine? Now let’s understand this too. When Israel became in 1948, the area of West Bank went under the possession of Jordan. Here Jordanian Dinar was made the official currency. In this way, people became accustomed to its use. In 1967, Israel captured West but the use of Dinar did not stop.
Jordanian Dinar is considered a strong and stable currency. People of West Bank use this currency more for savings, property purchases and big transactions. His trust in Israeli currency is less. Not only this, economic connection is also the reason for this. There is a trend between Jordan and West Bank to trade, family relationship and movement. This currency is also a symbol of the relationship and identity of the people of West Bank and Palestine.
How did the dollar entry?
Palestine cannot release its official currency, but banks give priority to Dinar for savings accounts and loans. This is because it does not depend on dollar and is not dependent on Israeli policies. The dollar is in trend here. The first is, foreign help.
Palestine has been struggling with poverty for a long time. The economy here is dependent on foreign aid, which is found in the form of dollars. America, Europe, United Nations and other institutions only send help in dollars. Being global currency, businessmen use dollars for imports and exports. The stability and trust of the dollar is also a reason.
Also read: Whether Britain or France, now why are you recognizing Palestine?