Major Israeli banks with business ties to the Palestinian Authority have stopped accepting shekel cash deposits from their Arab counterparts in Judea and Samaria in a move that has the potential to collapse the P.A.’s economy, officials in Ramallah claimed on Wednesday.

Within days, Arab banks in Judea and Samaria will be “unable to finance trade operations between Palestinian and Israeli merchants, as their ability to make financial transfers is directly connected to shipping the accumulated shekel banknotes to their Israeli counterparts,” the P.A.’s Monetary Authority said in a Facebook post on Wednesday morning.

The statement warned of “imminent consequences on all aspects of life” should Israeli financial institutions continue to decline to accept the Israeli shekel banknotes that have accumulated at Palestinian banks.