PMA Governor Opens Training Workshop in Gaza on Launch of Upgraded Version (IV) of Credit Registry System
H.E. PMA Governor, Mr. Azzam Shawwa, opened in Gaza today a training workshop on the launch of the upgraded version (IV) of the Credit Registry System. The workshop was opened in presence of Mr. Hazem Abu Ramadan and directors from PMA and with the attendance of a group of employees from banks and lending institutions. The workshop was run by Mr Ali Faroun, Head of the Consumer’s Relations and Market Conduct.
H.E. Governor Shawwa expressed his joy at opening of the training workshops on the use of the upgraded Version (IV) of the Credit Registry System, both in Gaza and few days earlier in Ramallah, Nablus and Bethlehem. Governor Shawwa affirmed that the upgrade of the system was intended to better serve disclosure mechanisms as well as system users in a manner consistent with relevant international standards.
H.E. Governor Shawwa added that the launch of the upgraded version has been preceded by other PMA achievements including the completion of the national switch 194 and the introduction of the Geographic Information System (GIS) and will also be followed by the launch of other credit systems during the current year. Governor Shawwa pointed that the PMA seeks to achieve monetary stability and contribute to the maintenance of financial stability, national economic development and the promotion of the role of the banking system in the process of economic development, so as to reduce poverty and unemployment levels in the Palestinian society. He wished attendees success in enhancing their capabilities and abilities, through getting familiar with the upgraded version of the system which will ultimately make their assignments and responsibilities less cumbersome.
In his speech, Mr. Hazem Abu Ramadan pointed out that the Credit Registry System has become a fundamental cornerstone for the accurate examination and analysis of the credit situation of borrowers currently undertaken by all banks and lending institutions. As a result, it has become possible to reduce credit risks and maintain the quality of credit portfolios.
Mr. Abu Ramadan stressed the importance of the constant upgrade of the system to borrowers and their guarantors, as it constituted one of the most essential fundamentals of financial inclusion in Palestine. He considered the upgrade pivotal for optimizing credit portfolios, improving chances for obtaining retail banking facilities and providing solid ground for credit decision making, which has reflected favourably upon the banking system through mitigating credit risks and facilitating credit decision making within an optimal period of time.
Out of its keenness to provide the banks with modern and up-to-date tools to help manage and mitigate credit risks, the PMA had officially launched the Credit Registry System earlier in 2008. The system proved to be a main cause for the hike in the ratio of bank facilities to total customers’ deposits in Palestine to over 56 per cent. In their published reports, both the International Monetary Fund (IMF) and the World Bank commended the system as “one important achievement of the PMA and one outcome of the strategic plan it prepared in order to transform into an institution capable of meeting the responsibilities of a modern and up-to-date central bank”.
It is worth mentioning that the opening of the training workshop came as part of the extended tour of Gaza Strip by a large West Bank economic delegation headed by H.E. Governor Shawwa to meet with various economic entities, with the purpose of discussing means to promote the role of the banking system in supporting and stimulating the private sector development.