Regulatory Alerts2006-01-01
Circular No. 161 Determination of Working Days and Hours for the Banking Sector
The Palestine Monetary Authority issued Circular No. 161/2006 to mandate a standardized two-day weekly holiday (Friday and Saturday) for all Palestinian banks, establishing Sunday through Thursday as official working days. The directive sets daily public service hours from 8:30 AM to 2:30 PM, with an earlier 1:30 PM closure on Thursdays, and requires banks to update internal policies and publicly announce the changes. Additionally, it repeals Circular No. 156 and specifies adjusted Ramadan working hours, with full compliance taking effect from the evening of September 28, 2006.
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