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Middle East and Central Asia Regional Economic Outlook – October 2011

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Press Release

On the 18th of January 2012, Mr. Udo Kock, the IMF resident representative for the West Bank and Gaza, with the presence of Dr. Jihad Al Wazir the Governor of the Palestine Monetary Authority, made a presentation entitled “Middle East and Central Asia Regional Economic Outlook – October 2011” which aimed to clarify recent economic developments and prospects for countries in various regions, and the economic policy developments that have affected performance in the regions and also identified the key challenges faced by policymakers. Where he referred to four main parts:

1- Global Outlook.

2- MENAP oil exporters.

3- MENAP oil importers.

4- West Bank and Gaza.

Mr. Kock has mentioned that the global growth in 2011 was unevenly spread. Real GDP in the major advanced economies has been modest meanwhile being robust in emerging and developing economies, particularly those with close ties to emerging Asia. Whereas the economic outlook for countries across the MENAP region varied markedly, since the gulf oil exporters have seen a mild pickup in growth in 2011 on the back of higher oil prices, while the oil importers and North African economies have experienced a dramatic slowdown. He also indicated that the growth in the Middle East and North Africa region, including Afghanistan and Pakistan, approached at 3.9% in 2011, down from 4.4% in 2010.

He has also clarified that the global outlook has weakened and the growth projections have been revised downward in all regions, but are much larger for advanced economies than for emerging economies. Furthermore the main reasons for those downward revisions were the euro crisis and high commodity prices, which were dragging down growth in advanced economies. Accordingly, he declared that the global growth will keep declining to a 4% by the end of 2012.

And last but not least, Mr. Kock has discussed the 4th part of the presentation entitled "West Bank and Gaza," where he discussed several topics, including:

1- Challenges ahead for West Bank and Gaza.

2- The shortfalls and unpredictability of donor aid.

3- The importance of implementing a contingency plan by the Palestinian Authority in order to adapt to the lack of liquidity, and also the importance of performing structural reforms to reduce the dependency on donor aid.

4- Lifting the Israeli restrictions on the economic activity of the WBG.

5- Disbursement of the international donor aids immediately to support the Palestinian Authority’s reforms as soon as possible.

The preliminary results of the Palestinian Balance of Payments – Third Quarter 2011

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The Palestine Monetary Authority (PMA) and Palestinian Central Bureau of Statistics (PCBS) announce the preliminary results of the Palestinian Balance of Payments – Third Quarter 2011

US$ 291.6 Million is the Deficit in Current Account

The Balance of Payments (BOP) is an account measuring transactions between residents and non-residents in a given period. It is considered to be the peak of efforts in preparing systematic economic statistics that are necessary for observing economic performance in general and for deriving essential data used in compiling the Rest of the World Account as part of the Palestinian National Accounts. BoP consists of two main accounts, the Current Account and the Capital and Financial Account.

Foreign Investment Survey of Palestinian Enterprises, 2010

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The Palestine Monetary Authority (PMA) & the Palestinian Central Bureau of Statistics (PCBS)
Foreign Investment Survey of Palestinian Enterprises, 2010
Investments by Palestinian enterprises outside the Palestinian Territory is greater than foreign investments in Palestinian Enterprises

The Palestinian Central Bureau of Statistics (PCBS) and the Palestine Monetary Authority (PMA) conducted the Foreign Investment Survey (FIS) of Palestinian enterprises in 2010.
The preliminary results of the FIS show that total external assets of Palestinian enterprises (stocks of Palestinian enterprises invested abroad) amounted to US$5,273 million at the end of 2010. Direct investment abroad contributed 3%, portfolio investments abroad contributed 15%, other foreign investments contributed 64%, and reserve assets 18%.

The total foreign liabilities of Palestinian enterprises (stocks held by non-residents invested in Palestinian enterprises) amounted to US$2,297 million at the end of 2010. Foreign Direct Investment in Palestinian enterprises contributed 60%, Portfolio Investments in Palestinian enterprises reached 27%, and Other Investments in Palestinian enterprises amounted to 13%.

Press Release concerning the situation in Gaza issued on the 21st of Nov 2011

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"The Palestine Monetary Authority (PMA) regrets the recent ruling by the Authorities in the Gaza Strip seeking to force bank of Palestine and Palestine Islamic bank branches in Gaza to pay taxes and fines in contravention to the established Palestinian laws. The PMA will continue to closely monitor the situation to ensure that all bank branches operating in the Gaza governorates continue to adhere to all relevant laws, regulations and directives pertaining to Anti Money Laundering including PMA law No. (2) for 1997, Anti Money Laundering Law No. (9) for 2007 and banking law No. (9) for 2010.

We urge the authorities in Gaza to drop those claims and to cease and desist from any actions that will lead to irreparable harm to the Gaza economy and severely exasperate the already deteriorating humanitarian situation of the people of Gaza"

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Currency	ASK	BID
USD to JOD	0.708	0.71
USD to ILS	3.7525	3.7625
EUR to USD	1.3118	1.3119
USD to EGP	6.037	6.041
EUR to ILS	4.9225	4.936

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Middle East and Central Asia Regional Economic Outlook – October 2011

The preliminary results of the Palestinian Balance of Payments – Third Quarter 2011

Foreign Investment Survey of Palestinian Enterprises, 2010

Press Release concerning the situation in Gaza issued on the 21st of Nov 2011

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