The PMA refuted today information published and circulated by some online news outlets purporting that new five- and ten- shekel banknotes have been transferred into the Gaza Strip

A workshop to launch the working groups for the establishment of the National Strategy on Financial Inclusion was held upon invitation from the PMA and the PCMA. The workshop aimed at acquainting the working groups of their tasks and responsibilities which contribute to the establishment of the National Strategy on Financial Inclusion, as well as to invite them to commence their work in accordance with a specific timetable of the tasks assigned to them. 

The workshop was officially opened by H.E. Azzam Shawwa, Governor of the PMA, who stressed the significance, at the national level, of the strategy to the achievement of economic development and the improvement of living standards by generating new job opportunities as a result of enhancing the abilities and capabilities of the SME sector. Moreover, Governor Shawwa pointed out that financial inclusion was an important factor contributing to the maintenance of financial stability through reducing the risks associated with the operation of the informal sector while allowing the entire spectrum of groups of the society to engage with the formal sector, regulated by the PMA and the PCMA. The Governor concluded his speech by drawing attention to the interest by the Arab Monetary Fund (AMF) and the Arab central banks to derive benefit from the Palestinian experience in establishing a financial inclusion strategy. He extended thanks to the Alliance for Financial Inclusion (AFI) and GIZ for their unwavering support for the establishment of the national strategy of financial inclusion in Palestine. 

In his speech, H.E. Dr. Nabil Qassis, Chairman of the Board of the Palestine Capital Market Authority (PCMA), underlined the importance of this project. Establishing a national strategy for financial inclusion, he said, was important for the development, advancement and regulation of the operation of all financial sectors as well as the development of financial services and products offered to the general public in such a manner to better suit customer needs and credit worthiness. He pointed out that it was also important to foster financial service consumer rights and protection and to promote the principles of transparency, disclosure and public financial awareness. Dr. Qassis added that “today’s collaboration comes at a critical and pivotal moment in the contribution of the institutions partnering to establish the strategy, as all themes that constitute the main areas of interest have been carefully selected”. He extended thanks to all participant institutions in the working groups for their positive interaction and acceptance of this invitation. 

Taking part in the opening of the workshop was Mr. Haidar Al-Baghdadi, MENA GIZ regional manager, who commended the PMA and the PCMA for launching the initiative to establish the National Strategy on Financial Inclusion, drawing attention to Palestine’s leading position at the level of Arab central banks in that respect. He also commended the steps taken so far and stressed the need to share the experience in particular across the Arab region; in need for such initiatives that promote the principles of financial inclusion. 

During the workshop, two working papers were presented by Ali Faroun from the PMA and Bashar Abu Zarour from the PCMA. The papers reviewed the achievements of both institutions with regard to the establishment of the strategy. Moreover, they acquainted the working groups of their tasks and roles during the coming period. Afterwards, Mr. Haidar Al-Baghdadi delivered a working paper in which he reviewed relevant international experiences in comparison with the Palestinian experience. He then offered his recommendations to bolster the achievements already made and ensure the launch of the strategy on its expected date.