Palestine Monetary Authority Signs MoU with the Palestinian Federation of Industries to Develop Economic Indicators

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, and Mr. Bassam Walweel, the Chairman of the Board of Directors of the Palestinian Federation of Industries, signed today at the head quarter of Palestine Monetary Authority memorandum of understanding of joint cooperation to develop economic indicators. The Director of Research and Monetary Policy Department at PMA Mr. Mohammad Atallah attended the signing of the MoU.  

The purpose of the MoU is to develop ways of providing timely information about the economy and indicators of business, investment, and consumer confidence surveys to be utilized in monitoring the economic situation in Palestine and economic research and forecasts about the GDP growth, exports, consumption … etc. and to provide information that enables the business decision makers to assess the economic situation in Palestine and the future trends of the economy and the investment and export opportunities.     

The MoU requires forming joint committee of the PMA and the Palestinian Federation of Industries – headed by PMA – to collect data for preparation and dissemination of indicators every month, define timetables for preparation and dissemination of the indicators, prepare questionnaire, conduct required economic research and analysis, provide training or workshops explaining ways of completing questionnaires.

His Excellency the Governor of PMA Mr. Azzam Shawwa said the signing of the MoU was among PMA’s efforts to ensure financial stability in Palestine, enhance Palestinian economic growth through delivery of indicators and information on economic situation to assist economic policy-makers and investors to define the future trends and take sound economic decisions in accordance with well-reviewed standards and to assist PMA to make appropriate future monetary policy. Mr. Shawwa praised the role and cooperation of the Palestinian Federation of Industries for that matter.   

Mr. Bassam Walweel said the MoU was the crowning of the partnership between PMA and the Palestinian Federation of Industries to strengthen economic development through delivery of initial information about existing economic situation including production and employment in the industrial, commercial, agricultural, transport, warehousing, construction, telecommunication and information sectors. Mr. Walweel praised the leading role of PMA in enhancing the performance of the Palestinian economy.     

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