Historical Sketch

In the early 16th, the Ottomans conquered the Levant region from the Mamluk Empire and subsequently created the two provinces of Aleppo and Damascus. During World War I, Great Britain and France occupied the territory and kept it after the Turkish defeat. The British portion was divided into Palestine and the Transjordan. In the mid-1930s began a series of insurgencies in the Palestine territory which led to the creation of the State of Israel in 1948 the West Bank of the Jordan river with predominantly Arab population, which annexed by the Transjordan Emirate in 1950. In the Seven-Days-War of 1967, Israel conquered again the West Bank. In 1992, the Oslo Accord between Israel and the Palestinian Liberation Organization led to the creation of the Palestinian National Authority for the West Bank and Gaza. In 2012, the "State of Palestine" has been proclaimed.

Monetary History Overview

The 1993 Oslo Agreement gave the Palestinian Authority sovereignty over the West Bank and Gaza. In 1994, the Palestine Monetary Authority was founded which declared Jordanian, US and Israeli currencies legal tender. The establishment of a central bank and the issuance of Palestinian currency was postponed until the final establishment of a Palestinian state.

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Monetary History Sources