Instructions No. (1) of 2023 Regarding Exchange Offices Licensing Fees

Palestine Monetary Authority

Instructions No. (1) of 2023 Regarding Exchange Offices Licensing Fees

Based on the provisions of Law No. (40) of 2022 concerning the licensing and supervision of the exchange office profession, particularly Articles (8) and (26) thereof, in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

Article (1) Objective The provisions of these Instructions aim to determine the licensing fees for exchange offices.

Article (2) Licensing Application Fee The applicant for a license of a new exchange office company or a branch of a licensed exchange office must pay the licensing application fee upon notification from the Palestine Monetary Authority, as follows:

1. Ordinary public or limited company at a value of (400) four hundred US dollars.
2. Limited liability company at a value of (400) four hundred US dollars.
3. Private joint stock company at a value of (1,000) one thousand US dollars.
4. Branch outside Palestine at a value of (2,000) two thousand US dollars.

Article (3) Fixed Fee

1. The exchange office company must pay a fixed fee prior to the issuance of the license upon notification from the Palestine Monetary Authority, as follows: a. Ordinary public or limited company at a value of (4,000) four thousand US dollars, and for branches at a value of (2,000) two thousand US dollars. b. Limited liability company at a value of (4,000) four thousand US dollars, and for branches at a value of (2,000) two thousand US dollars. c. Private joint stock company at a value of (10,000) ten thousand US dollars, and for branches at a value of (5,000) five thousand US dollars. d. Branch outside Palestine at a value of (10,000) ten thousand US dollars.
2. The individual exchange office must pay the difference in the fixed fee based on the new capital upon notification from the Palestine Monetary Authority at a rate of (5%) of the increase in capital value.

Article (4) Annual Fee

1. The exchange office must pay an annual licensing fee by January 31 of each year, upon notification from the Palestine Monetary Authority, as follows: a. Ordinary public or limited company at a value of (1,000) one thousand US dollars, and for branches at a value of (500) five hundred US dollars. b. Limited liability company at a value of (1,000) one thousand US dollars, and for branches at a value of (500) five hundred US dollars. c. Private joint stock company at a value of (1,600) one thousand six hundred US dollars, and for branches at a value of (800) eight hundred US dollars. d. Second-class individual exchange office at a value of (1,600) one thousand six hundred US dollars. e. Third-class individual exchange office at a value of (800) eight hundred US dollars.
2. The annual licensing fee for licenses issued during the year is calculated based on a pro-rata share of the number of months in the year, with calculation starting from the license issuance date and any fraction of a month considered as a full month for fee calculation purposes.

Article (5) Repeal of Conflicting Provisions

1. Instructions No. (10) of 2022 concerning fees are repealed.
2. All provisions conflicting with these Instructions are repealed.

Article (6) Implementation and Enforcement All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from the beginning of 2024.

Issued in Ramallah on: 15 / 10 / 2023.

Dr. Firas Malham Governor [Signature]

www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal code: P6160675 | Tel: +970 2 2415310 | Fax: +970 2 2415310 info@pma.ps