Regulatory Alerts2015-01-01
Circular No. 157: Accounts of Ministries and Public Institutions
The Palestine Monetary Authority, acting on a directive from the Ministry of Finance and Planning, issues Circular No. 157/2015 to enforce Article 14 of the Palestinian Financial Regulations regarding government account management. The circular mandates that all banks operating in Palestine must strictly prohibit the opening, modification, closure, or alteration of signatories for any accounts belonging to ministries, public institutions, or other executive entities without explicit written authorization from the Minister of Finance. Banks are required to immediately circulate and implement these restrictions across all operations to ensure full compliance with centralized financial controls.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (157/2015)
To all banks operating in Palestine
Date: Wednesday, December 02, 2015
Subject: Accounts of Ministries and Public Institutions
Attached for the necessary legal action is the letter from His Excellency the Minister of Finance and Planning, Mr. Shukri Bishara, No. (M/PMO/PMA/2015/2015), dated 10/11/2015, regarding the main and intermediary bank accounts of ministries, public institutions, or any other executive entity in the State of Palestine.
Supervision and Inspection Department
Palestine Monetary Authority
Copy: His Excellency the Minister of Finance and Planning, Mr. Shukri Bishara, may God protect him.
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
State of Palestine
Ministry of Finance and Planning
Office of the Minister
State of Palestine
Ministry of Finance and Planning
Office of the Minister
No.: ……………………………
Date: ……………………………
No.: M/PMO/PMA/2015/2015
Date: 2015/11/10
His Excellency Dr. Jihad al-Wazir
Governor of the Palestine Monetary Authority
Greetings,
Subject: Main and Intermediary Bank Accounts of Ministries and Public Institutions
or any other executive entity in the State of Palestine
With reference to the above subject, and in response to your letter addressed to the Minister of Finance No. 35 M/2012 dated 09/03/2012, and based on Article (14) of the Palestinian Financial Regulations, which states: "No ministry, public institution, or any other executive entity in the State of Palestine is permitted to open accounts in its name with the Palestine Monetary Authority or any other bank without written permission from the Minister of Finance,"
Please instruct your relevant parties to circulate a directive to all banks mandating compliance with the prohibition on (opening, modifying, closing, or adding signatories to) any bank accounts for any ministry, public institution, or other executive entity in the State of Palestine without written permission from the Minister of Finance.
Please accept the highest assurances of respect,
Shukri Bishara
Minister of Finance and Planning
Copy: The Comptroller General
- S.H.
Ramallah: Tel: 00970-2-2978846/7/8 | Fax: 00970-2-2978845 | P.O. Box 795 Ramallah
E-mail: minister@pmof.ps