Regulatory Alerts2022-01-01
Circular No. 193 Wages of Palestinian Workers Employed Inside the Green Line
The Palestine Monetary Authority issued Circular No. 193/2022 to mitigate local market shekel inflows by mandating that all operating banks transfer Palestinian workers' wages earned inside the Green Line directly to their bank accounts. Banks must activate these accounts without fees, exempt wage transfers from all charges, and implement targeted financial products, marketing campaigns, and internal controls to prevent permit broker exploitation. Additionally, banks are required to submit monthly reports to the Authority detailing account activation rates and incoming transfer volumes relative to opened accounts.
Share