Palestine Monetary Authority Briefs Economists about Banking Sector Developments and Future Plans

Ramallah – Palestine Monetary Authority organized a meeting with a group of Palestinian economists today in Ramallah to brief them about the latest developments at Palestine Monetary Authority, the banking sector, and the 2018 plans. His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority and Dr. Shehadah Hussein the Deputy Governor and heads of PMA departments attended the meeting. 

Mr. Shawwa said in the opening remarks that PMA believed in the necessity of having strong relation with economists and academics. PMA also knows how importance it is to consult with economists and academics and to brief them about the developments at PMA and the Palestinian banking sector; hence, PMA organized this meeting, according to Mr. Shawwa.  

Mr. Shawwa also addressed the achievements of PMA and its future vision mainly with respect to safeguarding the banking sector and its stability, independence, and soundness. This is conducted by continuing to develop the infrastructure of the banking system and strengthening the financial safety network, combating money laundering and terrorism financing, and PMA’s commitment to the international instructions in this regard and developing procedures and supervisory instructions in accordance with the best international standards, according to Mr. Shawwa.

PMA would, in association with the Palestinian Capital Market Authority, launch national financial inclusion strategy, which the Prime Minister would soon approve, said Mr. Shawwa.  

PMA governor also briefed the meeting about the procedures according to which Palestine Monetary Authority would become a Central Bank of Palestine. It is expected that President Mahmoud Abbas would approve the Law of the Central Bank of Palestine before the end of the year. The Law has undergone several stages of drafting and in-depth reviews with assistance from the World Bank as well as consultation with economists and taking their observations and economic perspectives about the draft law into account, according to Mr. Shawwa. 

His Excellency the Governor also addressed the banking systems, which Palestine Monetary Authority was working on developing such as the electronic clearance and payments using cell phones. He said that the electronic clearance system would start operating in 2018 – moving from mechanical clearance system to electronic clearance system that uses images of checks. This is part of PMA’s efforts to deliver an effective and secure system of payments and strengthens financial and banking stability in Palestine and supports economic growth and development.  

The meeting addressed the performance and achievements of the banking sector and that could be utilized to develop the national economy of Palestine. 

The participating economists then toured the new headquarters of Palestine Monetary Authority.