Palestine Monetary Authority Signs two MoUs with Palco Company and 4Power International Company to Connect with the Credit Registry System

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, signed today, at Palestine Monetary Authority headquarters in Ramallah, two memoranda of understanding with Mr. Kamal Mahameed, the Chairman of the Board of Directors of Palco Company and Mr. Tarek Taha, the Chairman of the Board of Directors of 4Power International Company to be connected with the Credit Registry System and to benefit from this system, developed by Palestine Monetary Authority, which has database that delivers credit and demographic information about customers who buy on credit and their guarantors as well as their status in the returned checks system. 

Mr. Shawwa said that the signing of the MoUs with private sector businesses to connect to the Credit Registry System aimed to strengthen the businesses, their investment capacity, and to safeguard the businesses against liquidity problems or credit solvency. This is part of PMA’s efforts to ensure soundness and stability and supervision of banking operations as well as ensuring their stability and boosting economic growth in Palestine.

Mr. Shawwa also said the memoranda of understanding and commitment to banking principles of confidentiality would enable businesses to identify customers’ credit solvency when offering selling on credit where customers use postdated checks and take the right decision that saves them from engaging in credit risks. Connecting private sector businesses to the system also ensures that people do no borrow excessively using checks.

Mr. Mahameed and Mr. Taha praised the efforts of Palestine Monetary Authority and care for the private sector establishments and to develop them and protect them from defaulting and to safeguard their sustainability and achievements by engaging them in such systems. They also praised the role of Palestine Monetary Authority in developing and enhancing the banking work environment.