H.E. Prime Minister Visits PMA and Commends Efforts in Maintaining Financial stability
Prime Minister, Dr. Rami Hamadallah, paid a visit to PMA headquarters today, where he was received by PMA Governor, Mr. Azzam Shawwa, Deputy Governor, Dr. Shehadeh Hussein, Assistant to the Governor for Financial Stability Affairs, Mr. Riyad Abu Shehadeh and a number of department heads and managers.
During the meeting, the Prime Minister commended PMA efforts and achievements in maintaining financial stability since the early days of its establishment. He emphasized the necessity to build upon the accomplishments of the four former governors of the PMA and wished H.E. Governor Shawwa every success in his tenure of office as Governor of the PMA. He assured the Governor of the President’s full support for the PMA and the high esteem he holds for its endeavours to promote the national economy and its pioneering role and outstanding achievements in the area of financial stability.
In turn, H.E. Governor Shawwa welcomed H.E. the Prime Minister saying he held his kind gesture to high regard. He then briefed the Prime Minister on the latest achievements and developments in the PMA and the Palestinian banking system. In his welcome speech, the Governor noted that key financial indicators are indicative of the robustness and stability of the Palestinian banking system and its persistent growth, despite political and economic conditions are currently prevalent in Palestine as a result of the Israeli occupation. Most prominent among these indicators in 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.
At the end of his speech, H.E. Governor Shawwa thanked H.E. the Prime Minister for his visit assuring him that the PMA, as IMF reports affirm, has succeeded in developing the best available and most advanced systems, such as the Credit Bureau, the bounced checks system, the national payments system and the national switch 194 system, through which the PMA was able to bolster financial stability and realize its vision in the area of financial inclusion in Palestine.
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