But the parts of the West Bank and Gaza which Israel ceded to their control under the 1993 Olso peace accords consists of unconnected patches of territory which many cynics compare to Swiss cheese. Fixed, internationally recognized borders will mean an end to the largely symbolic concrete blocks spray-painted in the colors of their flag and manned by Palestinians who wave cars and trucks through into the Palestinian areas. It will mean control over immigration and customs revenue. The Palestinians lack their own currency, and companies are submitting designs for the Palestinian bank note to replace up to 500 million Jordanian dinars, up to 2.6 billion shekels as well as U.S. dollars circulating in the West Bank and Gaza. Analysts noted that a pretty piece of paper was one thing and economic feasibility on when to issue it another.
Any new currency has to enjoy the confidence of the public.
They have a national airline and airport, but air traffic disputes with Israel have often cropped up. They are building a port in Gaza, and last month held a public share offering for the first power plant in Gaza, part of plans to replace supplies from the Israel Electric Corporation, now the sole supplier of power to the West Bank and Gaza. The Palestinian telecommunications network is almost completely self-sufficient. But for much-needed investment, laws for capital markets, intellectual property rights, and land registration were among legislation which has yet to pass. The private sector is functioning today.