Regulatory Alerts2019-01-01
Circular No. 105: Accounts of Ministries, Local Bodies, and Public Institutions
The Palestine Monetary Authority issued Circular No. 105/2019 to reinforce compliance with its 2009 instructions regarding the management of government accounts. The circular mandates that all banks operating in Palestine must secure prior written approval from the Ministry of Finance and Planning before opening, closing, or modifying authorized signatories for accounts belonging to ministries, local bodies, or public institutions. Banks are further directed to immediately disseminate this directive to all branches to ensure strict adherence to these procedural requirements.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (105/2019)
To all banks operating in Palestine
Date: Wednesday, April 24, 2019
Subject: Accounts of Ministries, Local Bodies, and Public Institutions
Further to the Palestine Monetary Authority's instructions No. (2009/08) dated 24/12/2009 regarding the opening and closing of accounts, we emphasize the necessity for banks to obtain written approval from the Ministry of Finance and Planning before opening or closing accounts for ministries, local bodies, and public institutions, or before modifying the authorized signatories for such accounts. Accordingly, all banks are requested to disseminate this circular to their branches to ensure compliance with its contents in accordance with standard procedures.
Market Communications Department
Palestine Monetary Authority
- Copy to: The Honorable Ministry of Finance and Planning.
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Phone: +970 2 2415250 | Fax: +970 2 2415310 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps