Regulatory Alerts2023-01-01
Instructions No. (7) of 2023 Regarding Banking Fees and Commissions
The Palestine Monetary Authority issued Instructions No. (7) of 2023 to temporarily suspend the implementation of Article (5) and the repeal of Instructions No. (6) of 2021 concerning the Israeli Shekel cash deposit commission until the end of the current year. This deferral ensures that the existing fee structure for Israeli Shekel cash deposits remains fully operational while regulatory updates are finalized. The directive formally defines the "Original Instructions" as Instructions No. (4) of 2023 and was enacted by Governor Dr. Firas Malham on June 4, 2023.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (7) of 2023 Regarding Banking Fees and Commissions
Based on the provisions of Decision-Law No. (9) of 2010 Regarding Banks, particularly Articles (40) and (72) thereof, and after reviewing Instructions No. (4) of 2023, and in accordance with the powers delegated to us, and in the public interest, we have issued the following Instructions:
Article (1) Definitions
The following words and phrases shall have the meanings assigned to them below, unless the context indicates otherwise: Original Instructions: Instructions No. 4 of 2023 Regarding Banking Fees and Commissions.
Article (2) Implementation of Article (5) Provisions
The implementation of the provisions of Article (5) of the Original Instructions is deferred until the end of the current year, provided that Instructions No. (6) of 2021 Regarding the Cash Deposit Commission for the Israeli Shekel shall apply.
Article (3)
The repeal of Instructions No. (6) of 2021 Regarding the Cash Deposit Commission for the Israeli Shekel, as stipulated in Article (16), paragraph (3) of the Original Instructions, is deferred until the end of the current year.
Issued in Ramallah on 2023/06/04.
Dr. Firas Malham Governor [Signature]
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