H.E. Governor of PMA, Mr. Azzam Shawwa, announced today that the information published by an obscure news website about one of the Palestinian banks was false and completely unacceptable. He also affirmed the robustness of the Palestinian banking system despite current economic and political hardships. Governor Shawwa added that “the Palestinian banking system has achieved outstanding success and represents the back-bone of the national economy, with net assets of USD 12.3 billion and about USD 11 billion in total deposits. Moreover, the PMA has managed to cut down non-performing loans ratio to 2.1 per cent; one of the lowest NPLs ratios in the region.”
H.E. the Governor commended the banks operating in Palestine for their national economic development efforts and their unwavering partnership with the PMA to confront all economic and political challenges and make all necessary relevant arrangements, through a bank branch network of 278 branches spread across Palestine.
H.E. Governor Shawwa further pointed that the PMA diligently works in accordance with the most up-to-date international supervisory systems and practices in order to maintain banking and financial stability in Palestine. This has earned the PMA positive reviews and repeated praise from Arab and international monetary and financial institutions; most prominently the International Monetary Fund and the World Bank. H.E. Governor Shawwa affirmed that the PMA is the sole authority to officially release any information on issues relating to the banking sector.