PMA Governor Visits Nablus Chamber of Commerce and Meets with Representatives of the Private Sector

In the presence of representatives of the banking sector

The Palestine Monetary Authority (PMA) governor, Dr. Firas Melhem, addressed numerous issues and problems of traders and businesspersons at an event held at the Nablus Chamber of Commerce, Industry, and Agriculture. He briefed them on PMA efforts in the field of digital transformation, financial technology, and economic growth.

This was during a visit to the Chamber of Commerce delegation from the banking sector led by the Governor. The delegation comprised of the Chairman of the Board of Directors of the Association of Banks in Palestine Mr. Maher Masri, the Regional Manager of Arab Bank Mr. Jamal Hourani, the Regional Manager at Jordan Ahli Bank Mr. Issa Basha, the Regional Manager of Housing Bank Osama Herzallah, the Regional Director of Cairo Amman Bank Mr. Joseph Nesnas, the General Manager of the Association of Banks Mr. Bashar Yasin, the General Manager of Palestine Islamic Bank Mr. Imad Al-Sadi, the General Manager of Safa Bank Mr. Nidal Barghouti, and a number of bank branch managers. They were received by the Chairman of the Board of Directors of the Chamber of Commerce, Mr. Sameh Masri, and a number of Chamber members.

The Governor congratulated Mr. Sameh Masri on the latter’s delegation as Chairman of the Chamber, expressing his pride in the private sector and its strength, as well as its significance to the banking sector. He showed special interest in traders and businesspersons, listening to the financial issues and obstacles they face in their dealings with the banking sector, and efforts to overcome such problems.

The Governor stressed that the Palestinian banking sector is safe and stable. Despite the conditions that Palestine is going through, the banking sector is considered the best compared to neighboring countries, pointing out that the combined assets of banking sector increased by 13% compared to 2019, reaching approximately 21 billion dollars during the first quarter of the current year 2023. This reflects its strength and development.

The Governor clarified that to preserve the rights of customers in the banking sector, the PMA has recently issued instructions regarding the market regulations and protection of customers’ rights. Such instructions aim to establish principles of transparency, disclosure, and accountability in dealing with banks’ customers, especially regarding the interest rates and their rise, as well as to enhance confidence in the banking sector and to maintain financial stability.

The Governor expressed the PMA’s interest in developing small businesses by providing the necessary financing through a Sustainability Fund, pointing out that about 410 micro businesses in Nablus have benefited from the Fund; which is nearly 17% of the total financing  granted to micro businesses through a sustainable program. He called for coordinating joint efforts to increase the number of businesses benefiting from Sustainability Fund programs, pointing out the impact on the Palestinian economic growth.

The Governor explained that the PMA is working according to strategies for digital transformation and the development of financial technology. In addition, it is working on the development of multiple electronic payment systems, such as immediate payment system, national bill payment and display system, which would facilitate conducting financial dealings of citizens and traders. This would also contribute to solving cash payment issues and enhance the process of financial inclusion.

Mr. Sameh Masri welcomed the delegation, congratulated the renewed confidence of the recent PMA Board of Directors, and stressed the significance of such meetings in discussing issues of common interest between the private sector and the banking sector. He stated that he appreciate the efforts of PMA and banks in Palestine in enhancing the national economy and its facilities with more of banking services and facilitations. Moreover, he thanked the banking sector for its social responsibility programs and demanded more of such programs in favor of local community development and resilience. He called for cooperation and concerted efforts between all organizations and both private and banking sectors to develop common mechanisms to reduce cash handling, and enhance the culture of electronic payment shift.

The Chairman of the Board of Directors of the Associations of Banks Mr. Maher Masri said the significance of strengthening communication between the private and banking sectors, especially with regard to the obstacles that might face traders and businesspersons during their banks’ dealings. He also pointed out to banks’ interest in their customers, particularly the private sector, and paying attention to their needs and feedback, as well as facilitating the completion of their banking transactions with the required speed and according to best quality.