Palestine Monetary Authority and Central Bank of Oman Sign MoU to Develop Banking Operations

Masqat, Oman - His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, and His Excellency Tahir Bin Salim Bin Abdullah Al Amri, the Chief Executive Officer of the Central Bank of Oman, signed today at the headquarters of the Central Bank of Oman in Masqat memorandum of understanding of joint cooperation to support and develop banking and financial operations in Oman and Palestine. The signing ceremony was attended by the Ambassador of Palestine to Oman Mr. Tayseer Jaradat and Mr. Issa Kassis, Governor Advisor for Strategic Planning and International Relations, and directors general of the Central Bank of Oman.   

The MoU stipulates that Palestine Monetary Authority and the Central Bank of Oman enhance their current relations of exchange of information, work together on joint means and standards of cross border supervision over banking institutions under their jurisdiction, and establish good business relations to facilitate integrated supervision as stated by the basic principles of Basel Committee on Banking Supervision and the Islamic Financial Services Board of Malaysia. The MoU also requires that both parties exchange expertise in banking control, supervision over banks, micro and small finance, housing finance, overall precautionary control, and staff training on banking supervision practices. 

Mr. Shawwa praised the good relations between Oman and Palestine and expressed appreciation of the cooperation between the Central Bank of Oman and Palestine Monetary Authority and stated that the signing of the MoU was in line with strengthening cooperation in supervisory areas and development of banking operations in Oman and Palestine.

Mr. Al Amri said the signing of the MoU was a step towards cooperation between the Sultanate of Oman and Palestine to ensure financial and banking stability in both countries through exchange of banking information and financial expertise. Mr. Al Amri wished Palestine Monetary Authority more progress and success for the interest of the Palestinian people and economy. 

Mr. Shawwa and Mr. Al Amri visited the Currency Museum where the historical development of Omani currency was illustrated. Mr. Shawwa also toured the Omani National Museum, which showed the development of Oman’s history form past to present.