The PMA Governor discusses with the Italian Consul ways to support financial stability in Palestine

His Excellency Mr. Yahya Shunnar, The PMA governor, met today in Ramallah with Mr. Domenico Pilato, the Italian Consul General in Jerusalem, in the presence of Deputy Governor Mohammed Manasrah and several department directors.

During the meeting, Governor Shunnar outlined the key measures taken by the PMA to maintain the stability of the banking sector, particularly in light of the ILS accumulation crisis faced by Palestinian banks. This crisis stems from the limits imposed by Israel on currency transfers, as well as the threat of severing banking relations with Israeli correspondent banks. He emphasized that the continuation of this crisis adversely affects the banking system’s ability to meet the needs of citizens and various economic sectors, especially the vital commercial sectors responsible for supplying essential goods.

Governor Shunnar emphasized the importance of international efforts to exert pressure for the removal of these restrictions, which would help alleviate the burdens on the Palestinian economy and ensure the continuity of economic and banking activities.

In Addition, the PMA governor highlighted the PMA's efforts to develop the digital infrastructure and expand electronic payment systems to facilitate financial transactions for citizens, especially given the current circumstances.

For his part, Italian Consul General Domenico Pilato affirmed his country’s commitment to supporting financial and economic stability in Palestine. He praised the PMA’s efforts to enhance the resilience of the Palestinian economy amid current challenges. He also expressed Italy’s readiness for joint cooperation and exchange of expertise between both sides to enhance capacities and develop the fields of financial and banking operations.