Barak okays money transfer from Gaza banks to Bank of Israel

Defense Minister Ehud Barak has approved the transfer of NIS 282.5 million from banks in the Gaza Strip to the Bank of Israel as a humanitarian gesture, the spokesman of coordinator of Government Activities in the Territories (COGAT) announced Thursday.  
The request was made by the Palestinian Monetary Authority, due to an accumulation of shekels in the Gaza banking system.
The money transfer will be coordinated with Palestinian Monetary Authority of the PA government, in order to enable the continuation of trade and the existing banking system activity in Gaza, COGAT said.