Palestine Monetary Authority

Palestine Monetary Authority

Circular No. (2010/123)

To all banks operating in Palestine

Date: Wednesday, December 1, 2010

Subject: Commencement of the New Banking Law

In light of the publication of Law Decree No. (9) of 2010 concerning Banks in the Official Gazette on Saturday, November 27, 2010, we inform you that the new law shall take effect as of its publication date in the Official Gazette, as stipulated in Article (77) thereof. All banks are required to align their status with the provisions of this law within the deadline specified in Article (74) thereof. Consequently, Banking Law No. (2) of 2002 is hereby repealed. Regulations, instructions, decisions, and guidelines issued by the Palestine Monetary Authority shall remain in force to the extent that they do not conflict with the provisions of this law, until they are repealed and replaced by regulations, instructions, and guidelines issued under this new law.

A copy of Law Decree No. (9) of 2010 concerning Banks is available on the Palestine Monetary Authority's website.

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Dr. Mohannad Al-Khafaji
Supervision and Inspection Department
Palestine Monetary Authority

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Gaza - P.O.Box 4026 - Tel: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
Ramallah - Al Bireh - P.O.Box: 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O.Box: 4026 - Tel: 08-2825713 - Fax: 08-2844487
www.pma.ps