Palestine Monetary Authority Holds a Training Course for Economic Journalists on the Checks and Electronic Clearing System

November 26, 2020 - Palestine Monetary Authority held a training session today in Ramallah to introduce the system of checks and electronic clearing to a number of economic journalists from the Network of Economic Journalists – part of the Palestinian Journalists’ Syndicate. 

Executive Director of Strategic Planning and Communication Group of Palestine Monetary Authority Mrs. Irene Saadeh said in opening remarks of the course that organizing training courses for economic journalists was in line with the memorandum of understanding between Palestine Monetary Authority and the Palestinian Journalists’ Syndicate in order to develop the capabilities and skills of economic journalists in analyzing and interpreting banking and economic news from press perspective. 

Executive Director of Financial Stability Group of Palestine Monetary Authority Mr. Iyad Zitawi pointed out the need to introduce economic journalists to various banking and economic terms and how to obtain information from its sources because of the important role of economic journalists in conveying information objectively and professionally, and the impact of this in raising public awareness in order to enhance the process of financial inclusion within the framework of the implementation of the National Financial Inclusion Strategy in Palestine.

Head of Payment Systems Supervision Section Mrs. Raneen Musleh provided an introduction to cheques’ components and uses and their importance in financial transactions and economic cycle as well as the security and technical specifications of modern cheques.

Head of Credit Operations Systems Section Mr. Salim Hamadneh addressed the system of returned cheques Palestine Monetary Authority had developed to provide a database on returned cheques, the components of this system and the procedure and phases of classifying clients in the system and briefed economic journalists on the system of satisfactory settlements and the processing of the settlement of the returned cheques.

Head of Financial Technology Section Mrs. Maysa Sarhan explained the way monthly data on cheques posted on Palestine Monetary Authority's website are read. Mrs. Sarhan also addressed the Credit Information System and its components. The System contains a comprehensive database on all borrowers and their guarantors and on the size and status of facilities granted to clients, whether by the banking system or financial institutions, which aims to increase the efficiency of Palestine Monetary Authority, banks and lending institutions in the management of credit risk, according to Mrs. Sarhan.

Advisor on Financial Technology to the Executive Director of Financial Stability Group Mr. Hatem Hamdallah addressed electronic clearance Palestine Monetary Authority currently sought to launch, the difference between electronic clearance and automated clearance, and the importance of electronic clearance in the operation and management of a system dedicated to the clearance of cheques between banks operating in Palestine. Mr. Hamdallah also addressed the mechanism of the work of electronic clearance technically characterized by electronic and photographic clearance of cheques and electronic data exchange. The mechanism’s role in enhancing the value of cheques, reducing the number of returned cheques, and reducing the time and effort and risks to the users of the cheques were also addressed by Mr. Hamdallah.

The economic journalists taking part in the training also visited the clearance room and were briefed about its functions.