Palestine Monetary Authority signs a memorandum of understanding with Royal Industrial and Trading Company to provide it with the Unified Credit Inquiry Service

The Governor of the Palestine Monetary Authority (PMA), Dr. Feras Milhem, signed today, at PMA’s headquarters, a memorandum of understanding with Mr. Magdi Zghair, CEO of the Royal Industrial and Trading Company, to provide the company with the service of the unified credit inquiry system, in order to benefit from the system developed by PMA, which includes a database that provides some relevant credit and demographic information about borrowers and their sponsors, individuals or institutions, and their classification on the dishonored cheques system.

The Governor stressed that the memoranda of understanding with the private sector companies aim to enhance their position and investment capabilities and protect them from exposure to cash liquidity or credit solvency problems, noting that the unified credit inquiry service enables its users of private sector companies to identify the credit solvency of the clients they deal with on the basis of credit sale with post-dated checks and taking a sound credit decision that will prevent it from being exposed to credit risks.

For his part, Mr. Magdi Zghair thanked the PMA for its efforts in developing credit systems that aim to protect private sector companies from default and preserve their sustainability and achievements, and work on developing the national economy.