Regulatory Alerts2024-01-01
Circular No. 31 (2024) on Electronic Payments in Certain Government Departments
The Palestine Monetary Authority (PMA) mandates that designated government departments and directories adopt standardized electronic payment systems and comply with the established Merchant Discount Rate (MDR) framework. This directive requires all specified public sector entities to transition their transaction processing mechanisms, ensuring full alignment with PMA regulations and reporting standards. Implementation of these electronic payment requirements takes effect in 2025, with ongoing compliance monitoring enforced by the Authority.
PALESTINE MONETARY AUTHORITY
Circular No. 31 (2024) Date: July 16, 2024
Subject: Electronic Payments in Certain Government Departments and Directories
Reference is made to Circulars (2023/233), (2023/232), and (2023/212).
In exercise of the powers vested in it by the relevant laws and regulations, the Palestine Monetary Authority (PMA) hereby issues this Circular regarding the implementation of electronic payment systems and Merchant Discount Rates (MDR) across designated government departments and directories.
The PMA requires all specified government departments and directories to adopt and utilize electronic payment mechanisms for their transactions, ensuring compliance with the established MDR framework. This directive aims to standardize electronic payment processing, enhance transparency, and streamline financial operations within the public sector.
Implementation of these electronic payment requirements shall commence in 2025, and all relevant departments must align their payment systems accordingly. Compliance with this Circular is mandatory, and the PMA will monitor adherence through regular reporting and audits.
For further information or clarification, please contact the PMA at: Ramallah & Al-Bireh Governorate, Palestine P.O. Box 452 Email: pma@pma.ps Fax: +970 2 2415310 Tel: +970 2 2415251 Postal Code: P6160675