Regulatory Alerts2025-01-01
Instructions No. 1 of 2024 Regarding the Exchange Rates of Major Currencies
The Palestine Monetary Authority issued Instructions No. 1 of 2024 to regulate the buying and selling of major currencies (US Dollar, Jordanian Dinar, and Israeli Shekel) by licensed exchange companies and shops in Palestine. The Instructions mandate that exchanges rely on global screens like Reuters or Bloomberg, cap selling margins at 200 basis points above prevailing rates, restrict daily single-client transactions to $20,000 unless pre-approved, and require daily reporting, accounting system recording, official invoicing, and public rate displays. Non-compliance triggers penalties under Legislative Decree No. 40 of 2022, including branch closures, financial fines, and license revocation.
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