Palestinian currency transition: From Ottoman Lira to the Shekel

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2023-11-03 | 11:58
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Palestinian currency transition: From Ottoman Lira to the Shekel
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2min
Palestinian currency transition: From Ottoman Lira to the Shekel

From 1900 until today, the Palestinians have been pursued by their currency.

Before World War I, Palestine was under Ottoman rule, and its official currency was the Ottoman lira.

With the beginning of the British mandate in Palestine in 1917, the British replaced the Ottoman lira and allowed Palestinians to use the Egyptian pound.

But in 1926, the mandate established the Palestine Currency Board, based in London. A year later, they issued a Palestinian currency called the pound, which was pegged to the British pound.

However, at that time, the British didn't forget to include three inscriptions on the currency: English, Arabic, and Hebrew.

But this didn't last long; the mandate ended, and Israel was declared in 1948.

The Currency Board was dissolved, and the issuance of the Palestinian pound stopped. But Palestinians continued to use the Palestinian pound until the Israeli shekel was introduced in 1952, making it once again the currency of the Palestinians.

When Israel replaced the pound with the shekel in the 1980s, Palestinians were forced to use it.

In 1993, the Oslo Accords were signed between the Israelis and the Palestinians.

These agreements established a transitional Palestinian self-governing authority but did not include the economic aspect.

A year later, both parties signed the Paris Protocol, an economic annex to the Oslo Accords, recommending using the shekel as the official currency in the Palestinian territories, alongside the US dollar and the Jordanian dinar.

Thus, years passed, and the Palestinian currency disappeared, but the dream of having a national currency equal to sovereignty remains.
 

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