His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, met today with members of the Private Sector Coordination Council at the headquarters of Palestine Monetary Authority, where the economic situation was discussed in the light of the emergency resulting from the Coronavirus pandemic, which paralyzed most economic activities.
Mr. Shawwa welcomed the members and listened to all their observations regarding the measures taken by Palestine Monetary Authority from the beginning of the crisis, the most important of which is the postponement of borrowers' premiums and the mechanism of dealing with cheques. And all the problems and obstacles facing economic activity were addressed, including the exploitation of the state of emergency and the failure to meet financial obligations and the importance of preparing for the post-crisis.
Mr. Shawwa stressed during the meeting that Palestine Monetary Authority was closely monitoring the extent to which the instructions were applied by the banks and at the same time the extent of the commitment of citizens to pay their financial obligations, especially the installments of the cheques, and that work is being made to issue a circular regarding those who take advantage of the state of emergency and to take deterrent measures against them.
The members of the Private Sector Coordination Council praised 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 health risks. It was agreed to continue the communication between Palestine Monetary Authority and the Private Sector Coordination Council to develop plans to revive the economy and cooperate to get rid of the consequences of this crisis in the best way.