The Governor of Palestine Monetary Authority and the Governor of Central Bank of Iraq Sign Memorandum of Understanding to Develop Banking

Amman – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, and His Excellency Dr. Ali Mohsen Al-Allaq, the Governor of the Central Bank of Iraq, signed today at the Iraqi Embassy in Amman, Jordan, a memorandum of understanding of joint cooperation to develop banking and finance in Iraq and Palestine. Safia Al-Suhail, the Ambassador of Iraq to Jordan and the Commercial Attaché of the Palestinian Embassy in Amman Dr. Maha Al-Sayigh and Dr. Riyad Abu Shehadah, PMA Governor’s Assistant for Financial Stability Affairs, attended the signing of the memorandum of understanding. Palestine and Iraq shall, in accordance with the memorandum of understanding, enhance the already existing relation that addresses supervision over banking and financial institutions and ensures financial stability and combats money laundering in line with the recommendations of Basel Committee on Banking Supervision and ensures that the objectives of both parties’ concerning financial stability are realized.   

The memorandum of understanding also requires exchange of information and expertise related to developing banking and finance as well as developing human resources, exchange of information on current banking and finance legislations, and the standards and requirements of supervision in both countries.   

His Excellency Mr. Azzam Shawwa thanked His Excellency Dr. Ali Mohsen Al-Allaq for the cooperation between the Central Bank of Iraq and Palestine Monetary Authority. Mr. Shawwa said the signing of the memorandum of understanding was within the framework of strengthening cooperation in supervisory areas and development of banking in Iraq and Palestine. Mr. Shawwa also praised the historic relations between Iraq and Palestine. 

His Excellency Dr. Ali Mohsen Al-Allaq said the signing of the memorandum of understanding was one more step toward further cooperation between Iraq and Palestine to ensure stability of finance and banking in both countries through exchange of information and expertise in finance and banking. Dr. Al-Allaq wished Palestine Monetary Authority more progress and success in serving the Palestinian people and economy; he also affirmed the strength of the relations that linked the Central Bank of Iraq and Palestine Monetary Authority and the Iraqi and Palestinian people.