The Washington Post reported Sunday that the Palestinian Authority was considering coining its own currency rather than continuing trade with the Israeli shekel.

The Palestinians, who have been using the shekel since 1967, are considering coining a Palestinian lire as part of the creation of an independent state.

Behind the move is Jihad al-Wazir, whom the Post called "the closest thing to a Palestinian Federal Reserve board chairman", and who is a close friend of the governor of the Bank of Israel, Stanley Fischer.

Palestinian Prime Minister Salam Fayyad believes the reform will allow the authority to function independently of Israel if and when a state is established. Other Palestinian officials are working on creating additional government institutions, such as a statistics bureau.

In the meantime, al-Wazir is battling money laundering and attempting to increase inspection in the federal reserve. As to the coin, he claims "all possibilities are open".