Palestine Monetary Authority Governor Affirms Soundness and Safety of the Banking Sector and its Extraordinary Role in Economic Development

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, said that bank statements had noticeably grown in comparison with last year. The net assets of the banking sector registered $15.7 billion at the end of August this year compared to $15 billion at the end of August 2017.

Paid in capital reached $1.20 billion compared to $1.15 billion, equity registered $1.84 billion compared to $1.80 billion, clients’ deposits hit $12.18 billion compared to $11.42 billion, and overall direct facilities recorded $8.46 billion compared to $7.70 billion. These significant financial indicators show the soundness and safety of the Palestinian banking sector and its constant contributions to national economy and its outstanding role as one of the best economic sectors in Palestine.

Mr. Shawwa said that the banking sector worked efficiently and with capacity and regularly carried out its role in economic development despite all challenges.

Mr. Shawwa also reaffirmed that the instructions of Palestine Monetary Authority necessitated banks and money changers across Palestine to replace old dollar bills with new ones without any extra costs. Moreover, Palestine Monetary Authority replaced damaged old dollar bills in Gaza Strip and introduced sufficient amount of new dollar bills.     

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