A bank delegation headed by PMA Governor Azzam Shawwa participated in the 2017 Annual Meetings of the Board of Governors of the World Bank Group and International Monetary Fund which takes place in Washington, DC, October 9-15, 2017. The delegation includes Assistant to the Governor for Financial Stability Affairs, Dr. Riyad Abu Shehadeh; Vice President of the Association of Banks in Palestine (ABP), Mr. Joseph Nisnas; ABP’s General Manager, Mr. Nabil Abu Diab; Head of the Governor’s Office, Mona Maalouf and General Manager of the Financial Follow-Up Unit, Mr. Wael Lafi.
Governor of PMA Azzam Shawwa met with Deputy Governor of the Bank of England Jon Cunliffe. The meeting focused on how the British economic system, as a whole, and in particular, the monetary and financial policies developed over the years; in view of Bank of England’s leading position among central banks in the world. Moreover, changes in the financial policy adopted by the Bank are a primary focus in international markets, given that the British pound is one of most powerful currencies in the world.
PMA Governor Shawwa also met with Governor of the Central Bank of Kenya Patrick Ngugi Njoroge. The discussion focused on aspects of operation of the banking system in both Palestine and Kenya and the means for mutual cooperation between the two institutions. It was agreed to sign a memorandum of understanding between both parties that allows the PMA to make use of the expertise of the Bank of Kenya in the areas of financial inclusion and electronic and mobile payment.
The Annual Meetings discuss the most prominent challenges facing the banking industry, shedding light upon several issues relating to reform in the global financial sector, in particular in emerging markets. It also makes possible for participants to become familiar with the most recent global developments, the role played by the banks in the region and the challenges due to the financial crisis and its regional repercussions. In addition, the IMF presents its periodic World Economic Outlook (WEO), which features IMF expert opinion regarding future trends in global economic performance, the potential associated risks and future prospects.
On the sidelines of the meetings and events, the Association for Banks in Palestine held today a reception under the patronage of the Governor of PMA Azzam Shawwa to shed light on the Palestinian banking system and strengthen connections with international financial institutions, correspondent banks and investors. The reception was attended by a host of international and Arab dignitaries and banking and economic figures.
Within the margins of the meetings, the Palestinian delegation will be attending several meetings with senior US and international officials intended to strengthen bilateral ties and to present the efforts made by the State of Palestine to implement international best practices and standards in the area of anti-money laundering and counter-terrorism financing, starting from the Anti-Money Laundering Decree Law of 2007, which was later amended in 2015 to meet all requirements set by the FATF 40 Recommendations.