PMA Requested Banks not to Exceed 70% of the Discount from the Value of Due Installments

Palestine Monetary Authority requested the banks operating in Palestine to facilitate the payment of loan installment for Public Sector’s employees, due to the delay in salaries’ payment, and transferring part of the salary to other employees.

PMA has emphasized in a formal circular for banks, the importance of not exceeding 70% discounts on the value of due installment for the employees whom part of their salaries had been transferred, and the deducted part of the salary should not exceed the value of the due installment for the borrowers and guarantors.

Therefore PMA urged the banks to provide the PA employees whom of their full salaries had been transferred, with the possibility of postponing the due installment, and this takes place with the agreement of the two parties and it shouldn't be followed by commissions or fines over the delayed in installment, Stressing on the fulfillment of the commission of salary’ transfer for one time regardless the number of payments for this month. And to not impose interests \ fines on the delay in the case of postponing the remaining part of the installment.

Dr. Jihad Khalil AL Wazir, the Governor of PMA- said that this circular takes place to support the Public Sector employees, for the reason of the delay in salaries’ payment and in order to relief them especially for the growing of expenses in Ramadan and Al Fitr Eid.

Dr. AL Wazir added “PMA in terms of its social and citizenship responsibility invest all of its capability to empower the Banking System to be the leading body for the service of the Palestinian society and promoting economic development.