Regulatory Alerts2012-01-01
Instructions No. 7 of 2012 Regarding the Update of Baraq System Instructions
The Palestine Monetary Authority issued Instructions No. 7 of 2012 to update operational and technical requirements for the Baraq real-time gross settlement system. The directive mandates that member banks limit settlement reserve usage to 20% of mandatory reserves, enforce strict daily cut-off times for external transfers, and impose a 0.1% daily penalty for delayed funding or clearing settlements. Additionally, it establishes technical support protocols, requiring immediate reporting of system outages exceeding thirty minutes, compliance with business continuity directives, and full responsibility for internal ledger reconciliation.
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