Regulatory Alerts2024-01-01
Circular No. 67 on Expected Credit Losses
The Palestine Monetary Authority issued Circular No. 67 of 2024 to direct all operating banks to maintain compliance with Expected Credit Losses requirements under Circular No. 18 of 2023 for financial statements as at 30 June 2024. Banks must incorporate forward-looking macroeconomic indicators, prioritizing updates from the Palestine Central Bureau of Statistics, and provide justification when using alternative data sources for provision calculations. Furthermore, institutions are required to submit the finalized monthly financial forms within three days of the circular's issuance.
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