Regulatory Alerts2016-01-01
Circular No. 47 Press Statement
The Palestine Monetary Authority issued Circular No. 47/2016 to require all operating banks to distribute an official press statement to every branch, employee, and correspondent bank. The attached statement definitively rejects false rumors published on unverified websites concerning a Palestinian bank, while underscoring the sector's financial strength, including 12.3 billion USD in net assets and a 2.1% non-performing loan ratio. It reiterates the Authority's exclusive legal mandate to publicly address banking sector matters and confirms its continuous alignment with international supervisory standards to safeguard Palestine's financial stability.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (47/2016) To all banks operating in Palestine Date: Wednesday, March 23, 2016
Subject: Press Statement
Attached for your information is the press statement issued by His Excellency the Governor of the Palestine Monetary Authority, which outlines the official position of the Authority regarding what was published on some unknown electronic news websites concerning a Palestinian bank. We request that the attached statement be circulated to all bank branches and employees, and that this circular also be extended to correspondent banks.
Supervision and Inspection Department Palestine Monetary Authority
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Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Fax: +970 2 2409922 | Tel: +970 2 2415250 | P.O. Box 452 - Palestine - Ramallah
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Email: info@pma.ps | Email: info@pma.ps
www.pma.ps
Palestine Monetary Authority
Press Statement
His Excellency Mr. Azzam Al-Shawa, Governor of the Palestine Monetary Authority, stated today that what was published on an unknown electronic news website concerning a Palestinian bank is entirely false and completely rejected. He also emphasized the robustness of the Palestinian banking sector, despite difficult economic and political circumstances. His Excellency Al-Shawa added, "The Palestinian banking sector has achieved remarkable successes and serves as the backbone of the Palestinian economy, with net assets reaching 12.3 billion US dollars and total deposits approximately 11 billion US dollars. Furthermore, the Authority has managed to reduce the non-performing loan ratio to 2.1%, which is one of the lowest in the region."
He commended the efforts of banks operating in Palestine in contributing to national economic development and their partnership with the Authority in steadfastly confronting all economic and political challenges and taking all necessary measures, noting that the bank branch network has reached 278 branches in Palestine.
He added that the Authority continuously operates in accordance with the latest global supervisory systems and practices, aiming to maintain banking and financial stability in Palestine, which has earned the Authority positive evaluations and praise from various Arab and international monetary and financial institutions, including the IMF and the World Bank. His Excellency the Governor emphasized that the Authority is the sole official entity authorized to issue statements on any information or matters pertaining to the banking sector.