Palestine Monetary Authority Checks Complaints Related to Currency Exchange Rates Manipulation and the Payment of Remittances in another Currency
The Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, stated that complaints about the manipulation of currency exchange rates by some money changers during the emergency period and the disbursement of remittances received in a currency other than the original currency of transfer, which violated the regulations issued and the conditions of the license, were being investigated.
The Governor pointed out that Palestine Monetary Authority, during the emergency period, maintained that banks and money changers provided the service of remittances and quick remittances to citizens, and allowed the money changers to work in all governorates to provide the service of remittances issued and received to facilitate the transfer of funds to and from Palestine, including the transfer of funds to Palestinian students abroad.
The Governor stressed that Palestine Monetary Authority would take strict measures against the money changers who proved that they did not comply with the instructions, exploited emergency conditions and manipulated exchange rates.
Under the instructions, the Governor indicated that money changers were obliged to disclose currency rates to the public on a special screen. He asked the public to obtain a receipt for the financial transaction that is carried out through the money changers and to keep it and to file a formal complaint with Palestine Monetary Authority in case the money changers lack of compliance with exchange rates according to the market and in cases of non-payment of the transfers in the original currency.
The Governor noted that the emergency conditions would not prevent the prosecution of unlicensed money changers and loan sharks through the competent agencies, warning the public not to deal with them in any way.