The Board of Directors is the highest decision-making body of the PMA which oversees operations and adopts broad policy decisions including the conduct of monetary policy to achieve established goals, the adoption and dissemination of prudential regulations, the granting and revoking of licenses for banks, money changers and specialized lending institutions, and the restructuring of financial institutions. The Board is appointed by the President of the Palestinian Authority (PNA) in accordance with the law. The term of the Board, including that of the Governor and Deputy Governor is set in line with general international best practice to be longer than that of the appointing authority, the President of the PA.
His Excellency Mr. Azzam Shawwa
Governor of Palestine Monetary Authority
HE Mr. Azzam Shawwa was appointed by President Mahmoud Abbas by a Presidential Decree on November 20, 2015 as the Governor and Chairman of the Board of Directors of the Palestine Monetary Authority, A new presidential decree was issued to His Excellency for a second term on November 20, 2019 (extending until 2023). Governor Shawwa is the Chairman of the National Palestinian Anti Money Laundering Committee, he is also the chairman of the Palestine Deposit Insurance Corporation (PDIC), and the Banking institute.
He maintained the stability of the Palestinian banking system and the development of regulations and legislation to ensure its soundness and safety. He enhanced the Palestine Monetary Authority's position and readiness for the transition to Palestine Central Bank through the completion of the final version of the Palestine Central Bank law.
On 29 April 2018, the Union of Arab Banks awarded him with the "Golden Union Medal of achievement", to be the first Governor of the Monetary Authority to receive the award in recognition of his efforts in support of the Palestinian banking sector despite all the challenges surrounding it.
In March, 2013 Mr. Shawwa joined the Palestine Commercial Bank, and succeeded to substantially expand its geographical reach, market share and customer base. In 2014, he took the crucial step of raising the Bank’s capital and market share by issuing convertible bonds, an innovative, unprecedented measure (within the Palestinian banking sector), which strengthened the bank’s finances and significantly contributed to the deepening of the local capital market.
Since its inception in 2002, Mr. Shawwa has been a distinguished, active member of the Board of Directors of the Palestine Investment Fund (PIF), Palestine's sovereign wealth fund and government’s investment arm.