Regulatory Alerts2021-01-01
Instructions No. (9) of 2021 Regarding the Right to Cash Deposits
The Palestine Monetary Authority issued Instructions No. (9) of 2021 requiring all licensed banks in Palestine to credit cash deposits to current accounts effective on the deposit date, explicitly prohibiting interest on such balances. The directive permits banks to negotiate special deposit terms exclusively with large enterprises, defined as economic entities employing at least 50 staff or achieving annual sales of $2 million or more. Violations are penalized under Legislative Decree No. (9) of 2010 concerning Banks, and the instructions became effective on September 15, 2021.
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