Dr. Al Wazir Updates President Abbas on the Latest Achievements of the PMA and its Future Plans
In a meeting that was held on August 5, 2008 at the presidential headquarters in Ramallah, Dr. Al Wazir updated HE President Mahmoud Abbas on the PMA's achievements during the last six months as well as its future plans.
The achievements of the PMA since Dr. Al Wazir became the Governor and Chairman of the Board of the PMA included: the launching of the electronic Credit Bureau that is considered to be the most efficient and effective credit bureau in the region, developing a code of corporate governance for banks, issuing explanatory instructions drawn up from the Banking Law No (2) of 2002 for regulating the banking sector, developing a regulation for the licensing and supervision of the lending and Islamic financing companies, signing a memorandum of understanding between the PMA and the Central Bank of Jordan that aimed to sort out the relationships between the two supervisory authorities in line with the recommendations of Basel Committee on Banking Supervision on the cross-border banking supervision.
In addition, Dr. Al Wazir has updated HE President Abbas on the following supervisory development plans:
- A Comprehensive plan adopted by the PMA for addressing weak banks that hold no more than 3% of the banking sector's assets.
- Consumer awareness plan on the prohibition of the activities of the financial companies that intermediate in the international foreign exchange markets.
- Disclosure enhancement plan aiming to promote transparency and market discipline.
Finally, Dr. Al Wazir referred to the recent reports of the IMF, which commended the PMA's performance based on its Strategic Transformation Plan for its goal of becoming a modern, full-fledged Central Bank.