Palestine Monetary Authority Welcomes IMF Delegates to Review Financial Stability in Palestine

Ramallah – Palestine Monetary Authority welcomed today technical mission from the International Monetary Fund to review and develop the Financial System Stability Assessment (FSSR) in Palestine. The mission included IMF experts of assessment of financial systems stability headed by Mr. Kelly Eckhold.

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, welcomed the IMF mission and introduced in a special meeting organized for the mission the objectives of the mission. The meeting was attended by the Deputy Governor of Palestine Monetary Authority Dr. Riyad Abu Shehadah and the team working with the IMF mission from the Palestinian Capital Market Authority and Palestine Exchange.

Mr. Shawwa addressed in the meeting the procedures and measures of Palestine Monetary Authority to develop and protect the banking sector of Palestine and to safeguard its stability and to keep abreast of global banking developments. Mr. Shawwa also pointed out the efforts of Palestine Monetary Authority in legislations and control systems with respect to combating the crimes of money laundering and terrorism financing, enhancing financial inclusion by developing banking services delivered to citizens, facilitating access to financing sources, and urging banks to support production projects and initiatives to enhance their contribution to development. Mr. Shawwa praised the continuous cooperation and technical support IMF gave to the Palestinian banking sector to develop its work and ensure its stability and soundness and being up-to-date with global banking developments.

Mr. Eckhold praised the continuous attention Palestine Monetary Authority paid to advancing Palestinian banking by applying international accounting standards and internal audit, and applying risk-assessment audit. Mr. Eckhold affirmed IMF’s preparedness to enhance cooperation with Palestine Monetary Authority.

Mr. Eckhold explained that IMF mission would assess the financial stability in Palestine through assessing the performance of the financial and banking sector with respect to crisis management and the mechanisms and legislations that regulated control over banks, enhancing financial inclusion, and means of assessing the efforts of the banking sector.

IMF mission will go on for two weeks and will assess financial stability in Palestine from the perspectives of soundness of the banking and financial sector and the extent of cooperation among the banking sector institutions. The mission will work with all relevant departments at Palestine Monetary Authority and will hold meetings with Palestinian financial and economic establishments such as the Palestinian Capital Market Authority, banks, Ministry of Finance and Planning, the Association of Banks in Palestine, and the Palestinian Deposit Insurance Corporation.