Regulatory Alerts2011-01-01
Circular No. 17: Handling of Metallic Currency
The Palestine Monetary Authority mandates that all banks operating in Palestine must fully accept public deposits of metallic currency without reservation, provided no specific risk is incurred. This directive addresses ongoing consumer complaints regarding banks' refusal to handle coins due to logistical challenges, supply-demand imbalances, and shipping costs. Banks are further instructed to strictly adhere to the authority's regulations and properly collect the stipulated administrative commissions for these transactions.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. 17 (2011)
To all banks operating in Palestine
Date: Wednesday, February 02, 2011
Subject: Handling of Metallic Currency
In the context of the Palestine Monetary Authority's efforts to maintain and develop the quality of banking services provided by banks to their clients to meet citizens' needs, and in light of the continued receipt of complaints from some citizens regarding certain banks' refusal to accept the deposit of metallic currency, citing difficulties in handling it, an oversupply relative to demand, and shipping costs.
Accepting metallic currency is a fundamental part of banks' role in serving the public within the framework of the law and without reservations, unless the bank is exposed to any type of risk.
Therefore, all banks are required to fully comply with accepting the deposit of metallic currency from the public and to collect the commission stipulated in the Palestine Monetary Authority's instructions accordingly.
Dr. Najat Al-Raqabiyah Al-Tuqtush
Governor, Palestine Monetary Authority
Ramallah - Al Bireh P.O. Box: 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.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