The Palestine Monetary Authority signs a memorandum of understanding with the Palestinian Tractor Company to provide it with the Unified Credit Inquiry Service

Ramallah and Al-Bireh Governorate 10-3-2022

The Governor of the Palestine Monetary Authority (PMA), Dr. Feras Milhem, signed today at the headquarters of the PMA a memorandum of understanding with the General Manager of the Palestinian Tractor Company, Mr. Ali Daher. The memorandum requires providing the company with the service of a Unified Credit Inquiry System, in order to benefit from the system developed by the PMA, which includes a database that provides some relevant credit and demographic information about borrowers and their sponsors, individuals or institutions, and their classification on the bounced cheques system.

The Governor of the PMA stressed that the memoranda of understanding with private sector companies aim to enhance their position, investment capabilities, and protect companies from being exposed to cash liquidity or credit solvency problems. He also noted that the unified credit inquiry service enables its private sector users of companies to identify the credit solvency of dealt clients based on credit sale with post-dated cheques and taking a sound credit decision that will prevent it from being exposed to credit risks.

For his part, Mr. Ali Asaad Daher expressed his gratitude to the PMA over its efforts in maintaining the integrity and stability of the banking sector, especially its development of credit systems that aims to safeguard private sector companies from default and preserving their sustainability and achievements, and working on the development of the national economy.