Regulatory Alerts2023-01-01
Circular No. 26/2023 on Banking Fees and Commissions
The Palestine Monetary Authority issued Circular No. 26/2023, requiring all operating banks to refrain from signing new customer agreements or contracts that conflict with the Banking Fees and Commissions Instructions, while deeming existing ones void upon the original instructions' effective date. Banks are also mandated to maintain cash deposit commissions in Shekels for customers until the new instructions fully apply, following the postponement of implementation to 01 May 2023. This directive ensures uniform compliance across the banking sector regarding fee structures and contractual validity.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. 26/2023 To all Banks Operating in Palestine Date: Tuesday, 07 February 2023
Subject: Banking Fees and Commissions Instructions
Further to the Palestine Monetary Authority's Instructions No. (1) of 2023 regarding Banking Fees and Commissions, and its amendments No. (3) of 2023 concerning the postponement of the application of the aforementioned instructions until 01 May 2023, banks are requested to comply with not signing any new agreements or contracts with customers that conflict with those instructions, and to consider existing agreements and contracts void as of the moment the original instructions take effect.
Furthermore, banks must not exempt customers from the cash deposit commission in Shekels based on the currently effective instructions, until the new instructions come into force.
Supervision Group Palestine Monetary Authority