PMA and Banks Meet to Discuss Ways to Ease the Financial Crises of the PA
Ramallah, 19/12/2012 – the Palestine Monetary Authority governor Dr. Jihad Al Wazir stated that a consultation meeting was held on Wednesday 19/12/2012 with representatives of the banking system in coordination with the Ministry of Finance, where it was agreed that banks operating in Palestine would offer an additional loan of one hundred million US dollars for a short notice, and until financial support designated by the Arab League would be transferred.
This comes as an additional contribution in light of the financial crisis the PNA undergoes, where banks have already lent the government an excess of one billion and two hundred million dollars as of the third quarter of 2012.
On the other hand, Dr. al-Wazir pointed out that NIS accumulated crisis at some banks was finally solved as a result of intensive and sustained effort by PMA since it started till now, whereas those funds belong to depositors in the banking system (more than 2.6 million accounts). Efforts led to agreements with all stakeholders regarding measures necessary to ship liquidity in the next few days.
Taking conditions of public servants into account, the PMA has suspended classification at the bounced cheques system. While other instructions will be release with regards to borrowers working for the public sector on the means to settle their dues as a proportion and fit of transferred wages.