The PMA Governor Discusses ILS accumulation Crisis with British Consul General and Calls for International Intervention

His Excellency Mr. Yahya Shunnar, the PMA Governor, met with H.E. Ms. Helen Winterton, British Consul General, to discuss the crisis of excess ILS accumulation in banks operating in Palestine and its implications for the economic and banking sectors. The meeting was held at the PMA’s headquarters in Ramallah, in the presence of Deputy Governor Mr. Mohammed Manasrah, Director of the Financial Follow-Up Unit Dr. Feras Murrar, and several department heads.

The discussion focused on the impact of cash liquidity accumulation held by Palestinian banks and the resulting constraints on their ability to meet the needs of citizens and various sectors of the economy—particularly critical commercial sectors responsible for the supply of essential needs.

The Governor pointed out the measures taken by the PMA to ensure the continuity of essential banking services, including directives issued to banks aimed at enabling citizens to access their financial services under the current circumstances. These measures included facilitating the acceptance of cash deposits from individual customers to allow them to complete their transactions, and promoting the use of electronic payment methods in the local market.

In addition, both sides reviewed the actions the PMA has taken to engage local and international partners in addressing the crisis and ensuring the stability of the financial system.

Governor Shunnar stressed the importance of international intervention to pressure the Israeli side to comply with existing agreements regarding the regular transfer of excess ILS.

For her part, Ms. Winterton affirmed the British government’s commitment to supporting Palestinian efforts to enhance financial stability, emphasizing the importance of continued international coordination in addressing the current economic challenges.