Regulatory Alerts2022-01-01
Circular No. 80 Application of the National Definition and Classification of Economic Establishments
The Palestine Monetary Authority issued Circular No. 80/2022 to mandate the standardized application of the National Definition and Classification of Economic Establishments across all banking institutions operating in Palestine. The directive requires banks to accurately declare the sales volume and total and part-time employee counts for all economic establishments through their credit registry screens when processing credit facility applications. This enforcement aligns with prior regulatory frameworks to ensure consistent data reporting and compliance with national economic classification standards.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (80/2022) To all banks operating in Palestine Date: Sunday, April 03, 2022
Subject: Application of the National Definition and Classification of Economic Establishments
Following our Circular No. (2021/168) dated 2021/09/06 regarding the National Definition and Classification of Economic Establishments, and in order to apply the definition and classification of establishments in compliance with the requirements of the aforementioned circular, all banks must commit to accurately declaring the sales volume and the total and part-time number of workers through the credit registry opening screens when declaring the credit facilities granted to all economic establishments.
Financial Stability Group Palestine Monetary Authority