Regulatory Alerts2008-01-01
Circular No. 67: Banknotes in ATMs
The Palestine Monetary Authority issued Circular No. 67 to mandate that all banks operating in Palestine strictly inspect and verify the fitness of banknotes, particularly US dollars, before loading them into ATMs. This directive addresses rising customer complaints regarding the dispensing of old, damaged, or non-circulating currency that hinders public transactions. The regulator will closely monitor compliance and identify non-compliant institutions for enforcement action.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. 67 (2008/67)
To all banks operating in Palestine
Date: Wednesday, May 07, 2008
Subject: Automated Teller Machine (ATM)
In the context of striving to maintain the quality of banking services provided by banks to their customers, and in light of increasing complaints from customers regarding certain banks loading their ATMs with old and/or damaged banknotes of various denominations that are unfit for circulation in the local market, thereby causing difficulty for users in withdrawing them.
Accordingly, all banks are instructed to direct relevant personnel to inspect banknotes and verify their suitability and fitness for circulation, particularly for US dollars, before loading them into ATMs. This matter will be closely monitored to identify non-compliant banks.
Bank Supervision Department
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O.Box 4026 - Tel: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Bireh - P.O. Box: 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel: 08-2825713 - Fax: 08-2844487