Regulatory Alerts2024-01-01
Circular No. 72 Business Continuity and Crisis Management Plans in Current Circumstances
The Palestine Monetary Authority issued Circular No. 72 of 2024, mandating all Palestinian banks to activate business continuity and crisis management plans in accordance with Articles 5 and 8 of Instruction No. 5 (2022). The directive requires banks to maintain uninterrupted electronic banking services, ensure constant ATM cash replenishment and optimal monitoring, expand fuel tank capacity for emergency operations, and conduct routine generator maintenance. These measures collectively safeguard the banking sector's soundness and operational continuity under current conditions.
Palestine Monetary Authority
Circular No. ( 72 / 2024 )
To all banks operating in Palestine Date: Wednesday, 07 August, 2024
Subject: Business Continuity and Crisis Management Plans in Current Circumstances
In light of the current circumstances, and to safeguard the soundness and continuity of the banking sector's operations, and in reference to Palestine Monetary Authority Instruction No. (5) of 2022 regarding Business Continuity Management, banks are required to comply with the following:
- Activate business continuity and crisis management plans as stipulated in Article 5 and Article 8 of the aforementioned instructions.
- Take necessary measures to provide electronic banking services to customers and ensure continuous fueling of ATMs with cash, while monitoring their operation optimally.
- Increase the number of fuel tanks prepared to hold sufficient fuel reserves to enable operations during emergency conditions.
- Perform maintenance on electrical power generation units (Generators) to ensure their operational capability.
Supervisory Group Palestine Monetary Authority