إصدار العملة الفلسطينية: الواقع والآفاق

The importance of this study comes from the necessity of demonstrating a clear vision of the monetary arrangement in Palestine after the end ofthe transition phase within the available resources. The study reviewed the banking and the monetary development beginning from the British mandate to the end ofthe zo"century. We found that the Palestinian territories have experienced simultaneous changes of the three-used currencies in the Palestinian economy- jordaman Dinar, US Dollar, and Israeli Shequl According to the nature of the currency and its function. The researcher used descript ion methoclolgy on this study and we benefited from the previous studies and the monetary experience ofthe palestinian Pound, the Egyptian Pound, and the lebanese Pound in addition to the experience of Lactivia and Estonia Because of the lack of the official statistics about the amount of the used currencies in palestine, the researcher these amounts based all the similarity of the monetary system of palestine and Jordan. Itwas found that the money supply for the year 1998 is 1525.17 milion US Dollar and its dcstribution regarding the kind of the currency was 717 million Dollar as Shequl, ]88 million Dollar as Jordan Dinar, 415 million as US Dollar and 2.5 million Dollar as other currencies. The money supply (m2) W,lS estimated at ]253J)<) million Dollar destributed of which 842.9 million Dollar as Shequl, 831.22 million Dollar as Jordan Dinar, 1554.57 million as US Dollar, and 25 million Dollar as other currencies. We find that the Palestinian economy faced direct and indirect losses, from using these currencies. The direct loss was estimated between 1707.087 -•2276.118 million US Dollar during the period 1968 -•-1<)98. l.e-annual loss of a bout 55.067- 73.423 million US Dollar, In addition to the loss, which comes from invisting the currency reserves. Whichwas estimated of about 50 million dollar p.a. The indirect lose represented by the volal ility orthese curraucics and the devaluation orthese currencies against the US Dollar in addition to unefficientrnouctary policy and it is impacts on the Palcstininn economy The economists estimated the Palestinian indirect losses from using the isreali shequal between 500-600 million US Dollar without any isreali compensation. The study also clarified that the performance ofthe Palestinian economy improved in the past few years but still facing difficulties, which is represented by th full compliance to the Economic Paris. Accord specially the article, which prevent the Palestinian from issuing their currency during the transion period. The researcher also demonstrated the future monetary alternatives under the situation of not issuing the national currency. It isevident that the best choice is to keep the current monetary arrangements through an agreement with the issuing countries to insure that the resulting returns will not be lost, and to inusure that issuing countries will not implement a policy that would affect the palestinian economy .ln addition it was proposed the using of accounting currency beside these arrangements. Finally, this study demonstrated the managerial and the institutional arrangements, which are essential for issuing the national currency. 1twas clear that by following the currency Board "constant exchange rate" would be the best choice, and by taking the US Dollar as areserve currency to have a powerful and stable national currency. To replace the used currencies, the national currency should be issued inthe right way and the right time, without any confusion that may destroy it at the beginnig of the issuance.