Palestine Monetary Authority raises its capital to USD 200 million

Dr. Feras Milhem, the Governor of Palestine Monetary Authority (PMA), declared the approval of His Excellency the President to raise the PMA’s capital from USD 120 million to USD 200 million, based on the recommendation of PMA’s board of directors.

The Governor said that this step will enhance the status of the PMA as a body entitled to regulate and supervise the banking system in the State of Palestine. It will also maintain and enhance financial stability.

The Governor indicated that this capital raise is an important and necessary step towards enhancing the capital formation of the PMA. He explained that it aims to empower the PMA to implement the plans of digital transformation on one hand, in addition to injecting more money through “Estidama” Fund to enable the small and micro enterprises, integrate them into the economy and develop their capabilities to provide more opportunities for youth, entrepreneurs and women. Dr. Milhem assured that the PMA is moving forward in keeping pace with and applying the best international practices applicable in central banks, which will promote the PMA’s role in preserving, protecting and conserving depositors’ money, promoting the status of the banking system and improving its performance, as well as increasing its capacity to face different kinds of risks, and supporting and promoting the economic growth in Palestine.

The PMA’s Governor expressed his sincere thanks to His Excellency President Mahmoud Abbas (Abu Mazen) for his continuous support to the PMA and his wise guidance that enabled the PMA to develop the banking system and maintain the distinguished position that it enjoys regionally and internationally.