PMA and Bank Al-Maghrib Sign Bilateral Memorandum of Understanding

Washington D.C.-

Within the margins of the Palestinian and Moroccan delegations’ participation the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington D.C., the Governor of the PMA, Mr. Azzam Shawwa, and Governor of the Central Bank of Morocco, Mr. Abdellatif Jouahri, signed a bilateral Memorandum of Understanding (MoU). The MoU was signed within the frame of mutual cooperation between the two institutions and as part of the distinguished relations that stem from historical and brotherly relations between Palestine and Morocco.

The MoU, which replaces the one signed by the two central banks in 2012, aims at strengthening cooperation in areas of mutual interest and exchanging expertise, particularly in the fields of monetary policy, financial stability, banking supervision, financial inclusion and financial literacy, anti-money laundering and counter-terrorism financing, research and publications and statistics, human resources, strategic planning, organizational accounting, information systems, project management, internal auditing and risk management. 

Pursuant to this agreement, the two parties will exchange expertise and information and build capacity through the exchange of training and qualification visits.

It is worth mentioning that the PMA has signed MoUs with numerous Arab and regional central banks as part of its endeavors to strengthen cooperation and maintain the soundness and foster the progress of banking institutions. 

On the sidelines of the Annual Meeting, the Palestinian banking delegation headed by Governor Shawwa will conduct, over the next few days, several meetings with senior American and international officials. These meetings aim at strengthening bilateral cooperation ties and highlighting the efforts made by the State of Palestine to implement international best practices and standards in banking and anti-money laundering and counter-terrorism financing. 

Categories: Banks, PMA, Memorandum