Dr. Saif Al-Deen Odeh Participates in a Workshop on the Economic Situation in Gaza Strip
Head of Research and Monetary Policies Section of Palestine Monetary Authority Dr. Saif Al-Deen Odeh participated in the Palestinian Center for Human Rights’ workshop on the economic situation in Gaza Strip on Monday, January 21, 2019 in Gaza City. Dr. Saif Al-Deen presented a paper during the workshop on the Palestinian Banking System in Light of the Economic Situations in Gaza Strip explaining the key indicators of the Palestinian banking sector’s activities in Gaza Strip.
Dr. Odeh said Palestine Monetary Authority had authorized bank branches to operate in Gaza Strip. There are currently ten banks with 59 branches and offices that operate in Gaza Strip’s districts. These figures constitute 17.2% of the overall bank branches and offices of the banking system, according to Dr. Odeh.
Deposits in Gaza Strip totaled $1170.4 million at the end of November 2018, which was 9.7% of the overall clients’ deposits of $12114 million. Credit facilities in Gaza Strip hit $954.5 million, which is 11.3% of the overall credit facilities of $8420.4 million, according to Dr. Odeh.
Gaza clearance room, according to Dr. Odeh, witnessed noticeable drop in number and value of returned checks in 2018 compared to 2017. The number and value of returned checks dropped by 13% and 24%, respectively, due to drop in the number and value of checks deposited for clearance by 22% and 25.5% respectively. Therefore, the overall number of returned checks at Gaza clearance room totaled 30,834 at $85.8 million in 2018 at an average of 2,570 checks at a value of $7.2 million a month.
Dr. Odeh pointed out at the close of the workshop to the major role Palestine Monetary Authority and the banking sector play to deliver services to Gaza Strip residents to help them in light of deteriorating living standards.