Palestine raises eyebrows with their request to join the UN

Currency Calculator App

Mahmoud Abbas, the Palestinian President, has made an official request to join the United Nations as a full member state.

The decision is viewed in some quarters, notably Israel and the United States, as disruptive and ambitious. Palestine relies heavily on international financial aid and questions are likely to be asked regarding whether or not they are capable of becoming a fully independent nation.

The move is just the latest source of tension between Israel and Palestine.

Israeli imposed restrictions are preventing Palestinians from accessing important areas of their own land and, therefore, making the most of their natural resources.

Rather worryingly, the report suggests that “had the Palestinians not been subject to Israeli occupation, their economy would have been almost double in size than it is today.”

The news comes after a recent warning over the future of the Palestinian economy in general.

Despite growth of 9.3% in Israeli occupied areas of Palestine in 2010, the UN has warned that Palestine could be facing its own economic crisis.

The report, produced by the United Nations Conference of Trade and Development (UNCTAD), revealed that despite the growth registered last year, the 30% unemployment rate remained unchanged for the area.

The gross domestic product (GDP) for Palestine last year was said to still be 7% below what it was over ten years ago, in 1999.

The reason for the warning is that the UNCTAD report stresses that severe fiscal leakage is the cause of economic problems. This is because imported goods from Israel are not taxed and a large number of these goods are then exported to occupied Palestinian territory.

Transfer Money to Palestine

If you are looking to invest in Palestine, think carefully about how you will be transferring money to Palestine. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money internationally – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Company Details

Palestine raises eyebrows with their request to join the UN

Get a quick quote

Open Account with Halo Financial

Halo Financial are located at:
11 Ivory House, Plantation Wharf, , Greater London, SW11 3TN, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882