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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (161/2006)
To all banks operating in Palestine Date: Sunday, 24 September, 2006
Subject: Determination of Official Working Days and Hours for the Banking Sector
Based on the provisions of Article No. (76) of the Banking Law No. 2002, in pursuit of the public interest and in alignment with the operations of global banking and financial institutions, the following has been decided:
First: Public banks in Palestine shall observe a weekly holiday of two days during the week (Friday and Saturday), and banking working days shall be from Sunday morning until the end of Thursday.
Second: Banks shall open their doors to the public during working days from 8:30 AM until 2:30 PM, except on Thursday, when banks shall close to the public at 1:30 PM.
Third: All banks shall take the necessary measures to inform their customers of the new working days and hours by publicly announcing them at administrative headquarters and branch offices.
Fourth: All banks shall take the necessary measures to amend their internal regulations and policies to comply with this Circular in accordance with legal provisions.
Fifth: The aforementioned working days are mandatory for all banks, particularly regarding public dealings.
Sixth: Circular No. 156 dated 2006/09/20 is hereby repealed. During the holy month of Ramadan, public working hours shall be from 8:30 AM until 1:30 PM on all mentioned working days, except on Thursday, when hours shall be from 8:30 AM until 1:00 PM.
Seventh: Compliance with the above shall take effect starting from the evening of Thursday, 2006/09/28.
Dr. George Abd Governor
Ramallah - Al Birah P.O.Box 452, Tel. 02 240 9920, Fax: 02 240 9922 Gaza: P.O.Box 4026, Tel. 08 282 5713, Fax: 08 284 4487 E-mail: info@pma.gov.ps www.pma-palestine.org Ramallah - Al Birah P.O.Box 452, Tel. 02 240 9920, Fax: 02 240 9922 Gaza: P.O.Box 4026, Tel. 08 282 5713, Fax: 08 284 4487