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Monetary Authority: 50 million shekels enter Gaza

July 19, 2010 3:59 P.M. (Updated: July 21, 2010 9:41 P.M.)
Gaza – Ma’an – The Palestinian monetary authority transferred 50 million shekels ($12.9 million) into Gaza's banks to replace 30 million shekels of damaged banknotes in the Strip.

In a statement Monday, the authority said the money will allow staff salaries to be paid, and added that a special effort was ongoing to transfer the money in time for Ramadan.

PA civil servants in the Gaza Strip received only partial salaries in June, owing to a renewed currency crisis in the coastal enclave's increasingly perilous banking sector.

Despite a flush of US and Jordanian currency that entered in early May, there was no corresponding influx of Israeli money. Shekels had not entered since 2009, when the European Commission's PEGASE program intervened to pay social allowances from the previous December.
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