Governor of Palestine Monetary Authority Participates in the High Level Policy Dialogue Meeting

Malta - His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, headed a delegation of Palestine Monetary Authority in the annual High Level Policy Dialogue Meeting of central bank governors of the Mediterranean countries. The meeting was organized by the Central Bank of Malta and the European Central Bank in Malta on April 6, 2017. 

The meeting aimed to exchange expertise among central banks with respect to monetary policies and means of safeguarding financial stability and the most important indicators of macroeconomy of the Mediterranean countries.  

The governors addressed during the meeting the monetary and fiscal policies of the central banks in their countries especially under the political circumstances of the area and the economic crises, which some Mediterranean countries had undergone.

Mr. Shawwa addressed the successful Palestinian experience in financial stability and crisis management, and the success of the immediate settlement system that Palestine Monetary Authority used in handling four currencies while lacked national currency. Mr. Shawwa also addressed the credit information office as one of the best systems in the world and its role in increasing borrowing rate and reducing credit risks, which reduced defaulting rate by approximately 2% - one of the best rates internationally.

Mr. Shawwa fully explained Palestine Monetary Authority and the banking sector’s work continuation plans and recovery from disasters, which enabled them to face the difficult political and economic situation in Palestine.  

Mr. Shawwa finally addressed the most important financial and economic indicators of Palestine and the elements of the fiscal safety net; most importantly the Palestinian Deposit Insurance Corporation, endorsing the law for combating money laundering and terrorism financing, and the national financial inclusion strategy and developing electronic payments services strategy. 

Mr. Shawwa also talked about the strategic transformation plan of Palestine Monetary Authority and fulfillment of all components to transform into modern and developed central bank.