Joint Press Release by the Palestine Monetary Authority and the Association of Banks in Palestine

Subsequent to a consultation meeting with all banks in operation in Palestine to discuss the attacks on banks in the Gaza Strip, the Palestine Monetary Authority (PMA) and the Association of Banks in Palestine (ABP) announced that irresponsible parties are continuing to make threats against bank officials. These continuous threats target the oversight of all banks in the Gaza Strip and constitute a danger to the safety and the stability of the banking system and its work.  The threats may paralyze commercial transactions in the Strip at a time when the oppressive Israeli siege and aggression are intensified on the Palestinian people.

The PMA and the banks recognize the humanitarian crisis in Gaza, especially during this Holy month, and affirm that the banking system is not part of the political dispute. The banking system is exposed to threats by Israel and international pressure to freeze funds and prevent financial transactions with the world. This will have a serious impact on economic transactions in Palestine.

Applying the principle that the prevention of harm takes precedence over the achievement of gain, the banking system will absorb the damages incurred by individuals in the public interest and we call on all the relevant parties responsible in the Gaza Strip to halt incitement against the banking system.

We also call on all parties to demonstrate their commitment to the protection of the banking system to enable it to perform its vital role of alleviating the impact of the siege on the Gaza Strip. We would like to point out that the policies and dedication of the banks to international standards have enabled operations to be maintained in the Strip in spite of the harsh political and economic circumstances.