His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, met today with a delegation from the Ramallah and Al-Bireh Chamber of Commerce and Industry to discuss the mechanism in which Palestine Monetary Authority and banks handled cheques returned during the emergency period.
Mr. Shawwa welcomed the delegation and listened to their observations on Palestine Monetary Authority's procedures of dealing with cheques, and their impact on economic activity, including the exploitation of the state of emergency by some and failure to meet financial obligations. His Excellency the Governor stressed during the meeting that all the measures related to the state of emergency taken by Palestine Monetary Authority, especially with regard to the outstanding cheques, aimed at maintaining financial stability and mitigating the negative economic effects on citizens and all economic sectors and arranging their financial obligations and preserving their rights to collect their money. Mr. Shawwa pointed out that Palestine Monetary Authority is constantly monitoring the developments of the health situation and that it is formulating its decisions in accordance with these developments to ensure the safety of citizens and access to banking services.
Mr. Shawwa said Palestine Monetary Authority would take exceptional deterrent measures against anyone who exploited these circumstances and did not pay for their cheques despite the availability of financial resources.
The delegation commended the role of Palestine Monetary Authority in dealing with the crisis and the role of the banking sector in continuing to provide banking services despite the current health situation in order to maintain the financial stability of the Palestinian banking sector.