Regulatory Alerts2022-01-01
Instructions No. 7 of 2022 Amending Instructions No. 4 of 2014 on Fees of the Real-Time Settlement and Clearing System
The Palestine Monetary Authority issued Instructions No. 7 of 2022 to amend the fee structure for direct members of the Real-Time Settlement and Clearing System (Baraq). The directive replaces the previous monthly fixed fee schedule, establishing a tiered rate of $1,000 for members processing up to 500 monthly transfers and $1,200 for those exceeding that threshold. These amended provisions take effect immediately upon issuance and supersede any conflicting prior regulations.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (7) of 2022 Regarding the Amendment of Instructions No. (4) of 2014 Concerning Fees of the Real-Time Settlement and Clearing System
Pursuant to the provisions of Legislative Decree No. (17) of 2012 concerning the National Payments Settlement Law, particularly Articles (7 and 9) thereof, and after reviewing Instructions No. (4) of 2014 concerning fees of the Real-Time Settlement and Clearing System, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (252) dated 24/7/2022, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions
The words and phrases contained in these Instructions shall have the meanings assigned to them below, unless the context indicates otherwise: Original Instructions: Instructions No. (4) of 2014 concerning fees of the Real-Time Settlement and Clearing System.
Article (2) Amendment of Article (2) of the Original Instructions
The provisions of paragraph (1) of Article (2) of the Original Instructions are hereby replaced with the following text: "The fixed monthly fees for a Direct Member in the Real-Time Settlement System (Baraq) shall be as follows: a. (1,000) one thousand US dollars if the number of the Member's transfers does not exceed (500) five hundred transfers monthly. b. (1,200) one thousand two hundred US dollars if the number of the Member's transfers exceeds (500) five hundred transfers monthly."
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Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Article (3) Repeal of Conflicting Provisions
All provisions conflicting with the provisions of these Instructions are hereby repealed.
Article (4) Implementation and Enforcement
All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions, which shall apply from the date of their issuance.
Issued in Ramallah on 1/8/2022 AD
Dr. Firas Malham Governor