Faculty of Business and Economics at Birzeit University Organizes Public Lecture on Prudential Policies in Palestine
On Monday, 4 May 2015 and in cooperation with the Palestine Monetary Authority (PMA), the Faculty of Business and Economics at Birzeit University organized a public lecture entitled “Prudential Policy and Risk Management in Palestine”, which was presented by the Governor of the PMA, Dr Jihad Al Wazir.
During the lecture, Dr Al Wazir reviewed the Palestinian experience with respect to prudential policy and risk management, which is regarded as a distinguished experience across the Arab World. Despite the harsh Palestinian situation, this experience has received great respect at the international level and is currently being implemented in several Arab countries, like Algeria.
Dr Al Wazir examined the most prominent risks facing financial stability in Palestine in particular. These include the inter-Palestinian political division, the political environment and the withholding of tax revenues risks, which add up to the risks that threaten global financial stability in general.
Dr Al Wazir addressed the strategy that is followed by the PMA to maintain financial stability. This strategy commenced in 2006 by internal PMA reform, banking system reform, improvement of infra-structure and access to financial services and development of monetary policy transmission mechanisms to eventually arrive at the establishment of a Palestinian monetary system and central bank.
Dr Al Wazir reviewed the PMA response mechanism to crises like wars through creating crisis scenarios and appropriate responses thereto. In addition, Dr Al Wazir presented the PMA experience and role in promoting financial inclusion.
At the end of the lecture, Dr Al Wazir reviewed the most important lessons learnt from this experience and highlighted the importance of strategic planning at the macro- level, in addition to creative thinking, as he stressed the necessity to give greater attention to the subject of financial inclusion.
From his side, Chairman of the Economics Department, Dr Said Haifa, said that the lecture was useful for faculty students as it gave an elaborated account of the role of the PMA, considered the backbone of the economic and banking system in Palestine. He stressed the importance of acquainting students with the role played by the banking system and the PMA in the economy.
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