Regulatory Alerts2024-01-01
Palestine Monetary Authority Instructions No. 7 of 2024 Regarding the Launch of the Instant Payment System
The Palestine Monetary Authority issued Instructions No. 7 of 2024 to establish the regulatory framework and operational controls for the central Instant Payment System (IBURAQ). The regulations mandate member institutions to support four specific payment models (P2P, P2B, B2P, B2B) while adhering to strict single and daily transaction limits across multiple currencies. Furthermore, the instructions define mandatory liquidity management windows, require the immediate provision of individual credit transfer services via IBAN or wallet numbers, and impose compliance obligations regarding internal reconciliations and public awareness campaigns.
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