Regulatory Alerts2024-01-01
Palestine Monetary Authority Instruction No. 15 of 2024 Regarding Loans and Financing for Public Sector Employees
The Palestine Monetary Authority issued Instruction No. 15 of 2024 to regulate the handling of loan and financing installments for public sector employees. The instruction mandates that banks licensed to operate in Palestine apply the provisions of Instruction No. 25 of 2021 regarding employee loan installments following the expiration of the previous temporary measures. This directive supersedes any conflicting regulations and becomes effective immediately upon its issuance.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instruction No. (15) of 2024
Regarding Loans and Financing for Public Sector Employees
Based on the provisions of Law No. (9) of 2010 regarding Banks, particularly Articles (40, 72) thereof, and the provisions of Instruction No. (25) of 2021 regarding the handling of employee loan and financing installments, and after reviewing Instruction No. (12) of 2023 regarding the continuity of the national economy's financial cycle and its amendments, and Instruction No. (2) of 2024 regarding granting an overdraft limit to public sector employee borrowers and its amendments, and in accordance with the powers vested in us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1)
Objective and Scope of Application
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The provisions of these Instructions aim to regulate the procedures for handling loan and financing installments granted to public sector employees.
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The provisions of these Instructions apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine.
Article (2)
Handling Installments of Loans and Financing for Public Sector Employees
In light of the expiration of the validity period of the provisions of Articles (3, 5) of Instruction No. (2) of 2024 and its amendments regarding granting public sector employee borrowers an overdraft limit/commodity financing review, the provisions of Instruction No. (25) of 2021 regarding the handling of employee loan and financing installments shall apply.
Article (3)
Cancellation of Conflicts
Any provision conflicting with the provisions of these Instructions is hereby repealed.
Article (4)
Implementation and Enforcement
All competent authorities must implement and apply the provisions of these Instructions, each within their respective jurisdiction, effective from the date of their issuance.
Issued in Ramallah, on: 3/11/2024 AD
Dr. Firas Malham
Governor
(Signature)
Postal Code: P6160675 | Postal code: P6160675
Tel: +970 2 2415251 | Tel: +970 2 2415251
Fax: +970 2 2415310 | Fax: +970 2 2415310
info@pma.ps
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 | Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
www.pma.ps