Palestine Monetary Authority Conducts a Consultative Meeting with the Lending Institutions

In view of its pursuit to maintain effective engagement with PMA through conferences and regular meetings, the Board of Directors of the Palestinian Network for Small and MicroFinance Sharakeh, comprised of Reef Finance , Ryada for Lending and Financial Services, Palestinian Business Women’s Association Asala and the United Nations Relief and Works Agency UNRWA, held its second meeting with Dr. Jihad Al Wazir, PMA Governor, in the presence of Riyad Abu Shihadeh, Director of the PMA Supervision and Inspection Department.

The meeting dealt with the subjects of final licensing of lending institutions, taxation, particularly VAT charged on salaries, and reduction of interest rates for loans granted by banks and institutions. The meeting discussed major challenges and obstacles facing the microfinance sector. It also discussed means to confront and overcome such challenges so as to create a truly competitive environment that can achieve proper development of the targeted sectors.

At the conclusion of the meeting, PMA Governor offered the Palestinian Network for Small and MicroFinance suggestions and recommendations that aim at developing the work of its members and enhancing the efficiency and effectiveness of financing offered by specialized financial services institutions.