H.E. Governor of PMA Visits Governorate, Chamber of Commerce and Municipality of Qalqilya and Meets with Group of Money Changers

H.E. Governor of PMA, Mr. Azzam Shawwa, conducted an extended visit to the Governorate of Qalqilya. The visit commenced with a meeting with H.E. Governor of Qalqilya, Major General Rafe Rawajbeh. Attending the meeting were Deputy Governor of Qalqilya, Colonel Husam Abu Hamdeh, bank managers, businessmen and representatives from the Chamber of Commerce. Major General Rawajbeh commended the PMA for the significant role it plays and the attention it dedicates to the different Palestinian governorates with respect to the economic conditions and various means to improve them via support granted by banks to investment projects, which ultimately increases job opportunities available to citizens. In turn, Governor Shawwa said he viewed with high regard the efforts made by the Governorate of Qalqilya and its teams, which work tirelessly to foster the steadfastness of the Palestinian citizens on their land; doing their best to serve citizens, build institutions and support economic activity, thus bringing us closer towards an independent State of Palestine with Jerusalem as its capital. He pointed out that, in specific, Qalqilya was facing numerous challenges and economic problems as a result of the measures imposed by the Israeli occupation, in particular the separation wall which has adversely affected the governorate in many ways. 

Afterwards, H.E. Governor Shawwa visited the Municipality of Qalqilya and met with Mayor Daoud Othman, where they discussed means to improve the economic life and develop economic sectors in the governorate. The discussions covered the significance of public-private partnership in the service of local communities and in fostering development, particularly under the current political conditions. 

H.E. Governor Shawwa visited the Chamber of Commerce, Industry and Agriculture of Qalqilya, where he was received by Deputy Chairman of the Chamber, Mr. Tareq Shawar, and other members of the board of Directors. The two sides discussed possible means of cooperation with the PMA in order to better serve and help merchants and attract and encourage investment.

H.E. the Governor reviewed the efforts made by the PMA and the banking system to bring about monetary stability, contribute to maintenance of financial stability and promote national economic development in spite of the difficult political and economic conditions. He pointed to the advanced banking systems introduced by the PMA, saying that the PMA is planning the launch of other systems during the current year.

The Governor noted that key financial indicators were indicative of the robustness and stability of the Palestinian banking system and its persistent growth, despite political and economic conditions currently prevalent in Palestine as a result of the Israeli occupation. Most prominent among these indicators was the growth of banking system assets by 7 per cent over the year 2014; total assets reaching around USD 12 billion end of November 2015 and total credit facilities reaching USD 5.7 billion to record a growth of 18 per cent over end of 2014. Furthermore, total deposits amounted to USD 9.7 billion to record a growth of 9 per cent over end of the same year. Similarly, the credit ratio (total facilities/total customers’ deposits) recorded 59.9 per cent, whereas non-performing loans ratio recorded 2.5 per cent; one of the lowest rates in the region.