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World Bank Requests PMA Cooperation to Develop Handbook of Crisis Management relating to Payment Systems
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World Bank Requests PMA Cooperation to Develop Handbook of Crisis Management relating to Payment Systems

The World Bank has asked the PMA to collaborate with its Payment System Development Group as well as with other central banks in the preparation of a handbook on crisis management relating to payments systems. The Handbook will serve as a reference to monetary authorities and central banks worldwide, in order to help protect banking systems and ensure effective management of crises.

The request followed the participation, by invitation from the World Bank, of Dr Jihad Al Wazir, Governor of the PMA, as speaker in a workshop on the role of payment systems in supporting financial stability during crises. The workshop was part of the Fragility, Conflicts and Violence Forum which was organized by the World Bank in Washington DC, USA.

In the workshop, Dr Al Wazir presented the successful and distinguished PMA experience in developing of BURAQ settlement system to promote financial stability in Palestine, in spite of the prevailing crises and conflicts resulting from the Israeli occupation and its adverse impact on the Palestinian economy. Al Wazir observed that the BURAQ system represents one of the most accurate and advanced systems, capable of handling all four currencies in circulation in Palestine.

During the workshop, Dr Al Wazir related the PMA experience in the management of the Gaza-Strip crisis during the latest Israeli aggression, explaining how the banking system managed to sustain its operations with close cooperation with the PMA. In managing the crisis, the PMA employed macroprudential tools and procedures to protect the banking system and ensure its soundness as well as support the stability of the financial system in general. 

Contributing to the various workshops conducted in the Forum were former President of Finland, Tarja Halonen, and former Prime Minister of Libya, Abdurrahim El-Keib and several international experts in the field of payment systems development and handling of conflicts and crises. 
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