Ramallah, 18-9-2012 – The Consumer Relations and Market Conduct Department at the Palestine Monetary Authority held a consultative meeting to discuss opening bank accounts for beneficiaries of aids provided by the Ministry of Social Affairs at banks in the West Bank and Gaza Strip. The meeting included representatives from Ministries of Social Affairs and Finance, the European Union and Banks' operation managers. This comes as part of the PMA’s efforts to enhance social responsibility towards the Palestinian society.

Participants discussed matters that have to do with the meeting's main theme (bank accounts opening instructions, how important they are in realizing financial inclusion and relying on them for account opening).

The meeting also discussed determining the mechanism by which the PMA and the Banking System, in cooperation with MOF, MOSA and EU, would put an end to disbursing aid to beneficiaries in cash. Consequently, it shall overcome drawbacks that face both beneficiaries and banks when opening these accounts, which have reached about 51,000 in the WB and GS. Further, beneficiaries' geographical distribution has to be taken into consideration, so that it would be easier for them to refer to branches according to residence, with due consideration to the financial condition and provision of proper means for timely disbursement.

MOF and MOSA expressed thanks to efforts made by the PMA and banks operating in Palestine for understanding and attention they showed to beneficiaries' account opening, as this would strengthen social responsibility in the Palestinian society.