The PMA Organizes a Broad Dialogue Meeting to Discuss the Draft Cashless Law

The Palestine Monetary Authority (PMA) convened a dialogue session to discuss the legal framework and economic implications of the Draft Cashless Law, with wide participation from representatives of ministries and official institutions, as well as from the economic, financial, legal, and policy sectors. The meeting also included civil society organizations and specialized experts.

The session was opened by His Excellency Mr. Yahya Shunnar, the PMA governor, who underscored the importance of this dialogue within the broader preparations for drafting an economic legislation designed to align with global financial developments.

Governor Shunnar noted that despite the challenges faced over recent years, the Palestinian banking sector has maintained its stability and operational capacity, supported by an advanced digital financial infrastructure established by the PMA as part of a comprehensive strategic vision aimed at enhancing efficiency and security, advancing the transition toward a digital economy, and improving citizens’ well-being.

The Governor pointed out that the Draft Cashless Law represents an important regulatory step toward addressing the challenges associated with cash transactions, enhancing transparency, and protecting both consumers and merchants—without affecting ordinary cash dealings. He emphasized the PMA’s commitment to involving all relevant sectors in shaping the draft, and highlighted that the proposed law has been published on the Ministry of Justice platform as well as the PMA’s digital platform, allowing the public to submit comments and concerns. This approach reflects the belief that the success of any economic legislation depends on broad societal partnership.

The dialogue program consisted of three main sessions covering various aspects of the proposed law. The first session, moderated by Taher Al-Masri from the Independent Commission for Human Rights (ICHR), provided an in-depth review of the draft law’s provisions and an analysis of its alignment with existing legislation, as well as the anticipated legal implications. Participants included the Deputy Minister of Justice, Counselor Ahmad Thabaleh; the Head of the Bar Association, Mr. Fadi Abbas; and the Assistant Dean of the Faculty of Law and Public Administration at Birzeit University, Professor Mahmoud Alawneh, all of whom presented comprehensive insights into the relevant legal and legislative dimensions.

The second session, moderated by economic expert Mr. Moayyad Afaneh, focused on analyzing the economic and financial implications of implementing the law, as well as the readiness of the technological infrastructure. Participants included the PMA's Deputy Governor, Mr. Mohammad Manasrah; the Chairman of the Board of the Association of Banks, Mr. Maher Al-Masri; private-sector representative Mrs. Maha Abu Shousha; and financial expert Mr. Mohammad Salama. The speakers shared their perspectives on the law’s potential impact on the economic cycle, the efficiency of financial transactions, and the current level of public awareness.

The third session, moderated by economic journalist Talaat Alawi, highlighted digital transformation as a shared national responsibility and examined the role of public and financial sectors in developing advanced digital infrastructure. Participants included H.E. Minister of National Economy Mr. Mohammad Al-Amour, H.E. Minister of Justice Counselor Sharhabil al-Zaim, H.E. Governor of the PMA Mr. Yahya Shunnar, and Deputy Minister of Finance and Planning Mr. Majdi Al-Hassan. The speakers outlined the PMA’s ongoing efforts and strategic plans aimed at strengthening electronic payment services and advancing digital readiness in Palestine.

In addition, the meeting featured interventions from participants representing various sectors, during which attendees shared their views and observations regarding the provisions of the draft law and its practical implementation. These contributions enriched the dialogue and broadened participation in formulating the final recommendations.

The meeting concluded with a set of key recommendations, including:

• Adopt a gradual transitional period for implementing the law, taking into account the specific nature of different sectors.
• Review the cash transaction limits to ensure they are aligned with the characteristics of various economic activities.
• Implement the National Financial Inclusion Strategy and strengthen access to financial and banking services.
• Reduce fees associated with electronic payments and provide accessible, cost-effective digital payment solutions.
• Enhance the protection of financial data and ensure that access and processing authorities remain strictly limited to maintain banking confidentiality.
• Upgrade digital infrastructure readiness and launch a national awareness and training program targeting merchants, citizens, and digitally underserved groups.
• Incorporate the proposed amendments into the draft law and submit the revised version to the esteemed Council of Ministers.

Participants emphasized that the success of the transition toward a digital economy requires ongoing partnership between the PMA and both the public and private sectors, while ensuring that citizens’ needs are taken into account. They stressed that the purpose of the law is to regulate large-value transactions and that it does not target ordinary, everyday cash dealings.