Governor of Palestine Monetary Authority (PMA) Azzam Shawwa announced that significant progress has been made by PMA in the international ranking of Credit Bureau under the "Getting Credit" category, according to the World Bank Groups' Doing Business 2018.
On this occasion, PMA governor thanked the Palestinian President and Prime Minister for their boundless support and ongoing efforts in maintaining financial stability in Palestine, thereby enabling it to take up a prominent place amongst its regional and international counterparts.
"With the new place, PMA has made a quantum leap", said Governor Shawwa, "PMA has ranked up in this classification from the 118th place in 2017 amongst countries operating Credit Bureau for public organizations (central banks) or private organizations (private sector information firms), to the 20th place this year in both public and private sectors." He added: "PMA has made substantial progress and maintained a leading position in this industry on the Middle East and North Africa level, neighboring countries and many European countries; in both the public and private sectors".
Governor Shawwa explained: "This achievement is indicative of the fact that the access to finance climate in Palestine, according to international best practice, is favorable in terms of advanced legislation and regulation, protection of rights, growing facilitations and reduced levels of default risk".
He congratulated all staff members of PMA, considering that the new achievement would have been unattainable if it wasn't for the exceptional efforts and outstanding performance of PMA staff. He added that PMA staff have repeatedly demonstrated a high level of proficiency in a variety of areas related to central banks functioning both; regionally and internationally.
Noteworthy is that PMA's Standard Credit Bureau encompasses a central database which provides credit and demographic data, and a check classification service for individual or institutional users of banks and lending organizations. Over the past few years, PMA has signed a number of memoranda of understanding with several private sector organizations, with a view to offer such organizations accessibility to the services offered through the credit Bureau. The credit Bureau, one tier of the services provided by the Credit Bureau which is supervised by PMA, has received positive reviews by international organizations; most notably the International Monetary Fund (IMF).