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Palestine Monetary Authority Releases Financial Stability Report 2019
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Palestine Monetary Authority Releases Financial Stability Report 2019

Palestine Monetary Authority has released the Financial Stability Report 2019, which is one of the most important reports that PMA releases, along with its annual report on the domestic and global economy. The report reviews various developments in the Palestinian financial system, with all its components, including banking and non-banking institutions, and the various forms of risk to which it may be exposed.

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, said Palestine Monetary Authority's interest in financial stability in Palestine was based on the fact that financial stability was a major objective, since Palestine Monetary Authority was the only institution authorized to oversee the safety of the financial situation of banks, money changers, and specialized lending institutions that operated in Palestine. As well as on payment service providers and on the safety and effectiveness of payment systems.
Financial stability also reflects the focus and interest in the financial sector, and enhancement of the sector's capacity to face risks to ensure its financial solvency and to carry out its various functions, including supporting economic growth and contributing to effective and efficient development, by ensuring a smooth flow of funds among households, businesses, government, citizens and the rest of the world, according to Mr. Shawwa.

Mr. Shawwa confirms in the Foreword to the Financial Stability Report 2019 that the results of the policies and actions taken by Palestine Monetary Authority have been reflected in the good performance of the banking sector, which is the backbone of the Palestinian financial system. The results have also been clearly reflected in the vital financial indicators of the banking sector and the increase in its ability to cope with the foreseen and unforeseen risks. Mr. Shawwa adds that despite the good performance and strength of the banking sector, Palestine Monetary Authority is aware of the risks that threaten this sector and its stability, much of which is related to the specificity of the Palestinian situation. Palestine Monetary Authority has been monitoring such risks closely and has taken all necessary preventive measures to reduce their effects and implications, according to Mr. Shawwa.

Through the release of the financial stability report, Palestine Monetary Authority seeks to raise awareness and understanding of various topics and developments related to financial stability in Palestine, particularly as Palestine Monetary Authority's assessment includes potential risks and threats to financial intermediaries and the financial system, the ability of the system to address such risks, and the actions and tools used to improve performance, enhance financial stability and avoid such risks and threats.

The Financial Stability Report 2019 contains seven key chapters that include review of global, regional and domestic economic developments, from the perspective of their impact on financial stability, analysis of the most important developments in the Palestinian financial sector, monitoring Palestine Monetary Authority's efforts to maintain financial stability, strengthening the banking system infrastructure, and maintaining clients’ confidence in the banking sector, through further supporting and strengthening legal and regulatory frameworks, financial system infrastructure and other qualitative achievements, appropriate precautionary measures that contribute to the banking sector remaining secure, safe and healthy.
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