Launch of Palestine Deposit Insurance Corporation Awareness Campaign in West Bank and Gaza Strip
The Palestine Deposit Insurance Corporation (PDIC) launches its awareness campaign today in the West Bank and Gaza Strip to acquaint all segments and strata of the Palestinian public with the corporation and its significant role in the protection of citizen deposits and maintaining financial stability.
The campaign features the installation of billboards in the most prominent streets and roads in provinces nationwide, as well as informative posters in banks and advertisements in all print, audiovisual and electronic mass media bearing the slogan “Your Money is Safe, We insure it”.
Dr Jihad Al Wazir, Palestine Monetary Authority Governor and Chairman of Board of Directors of PDIC, observed that the campaign compliments the significant steps of formation and establishment of the corporation achieved so far; starting with his Excellency Mahmoud Abbas, President of Palestine, signature of the PDIC Law by presidential decree on May 29, 2013, followed by the formation of the Board of Directors in September 2013 and the corporation’s acceptance as a full member in the International Association of Deposit Insurers in November 2013, later followed by the formal inauguration of the corporation and its branch in Gaza Strip last March and the appointment of a Managing Director with long established expertise.
Al Wazir stressed the great significance of the role of corporation in insuring citizens’ deposits in licensed banks; particularly small depositors, which shows the distinctive development of the Palestinian banking system and highlights the financial stability successfully established by the PMA. Al Wazir pointed out that the establishment of the corporation would not have been possible without the sound and good positions of all banks when taking into consideration that the default ratio of the Palestinian banking system is 2.9%; the lowest rate amongst banking systems in the Arab World. The figure indicates that, despite the difficult political and economic situation, banks have become more secure because of the corporation.
In turn, Mr Zaher Al Hmouz, PDIC Managing Director, considered the launch of the huge PDIC awareness campaign part of its responsibility towards citizens and depositors in banks licensed by PMA, in view of the fact that its most important and aspired objectives include the protection of the rights of depositors, fostering confidence in the banking system and maintaining its stability and raising the level of public awareness of the deposit insurance system.
Hmouz announced that all 17 member banks, which comprise all banks working in Palestine and licensed by the PMA, have paid their obligations, pursuant to the law, thereby allowing the corporation to comply with the stipulation to insure accounts in licensed banks up to a ceiling of $10,000, covering 93% of all deposits.
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