Regulatory Alerts2024-01-01
Circular No. 69: Opening a Bank Account for University Students
The Palestine Monetary Authority issued Circular No. 69 (2024) to mandate commercial banks to open dedicated bank accounts for university students upon request. The circular amends Circular No. 8 (2009) and aligns with Article 3/1/8 of the Banking Law No. 18 of 2018, establishing standard operational and denominational requirements for these accounts. It takes immediate effect upon issuance to facilitate student financial access across the Palestinian territories.
PALESTINE MONETARY AUTHORITY
Circular No. 69 (2024) Opening a Bank Account for University Students Date: January 1, 2024
The Monetary Authority of Palestine hereby issues this circular regarding the opening of bank accounts for university students, pursuant to its powers under Article 3/1/8 of the Banking Law No. 18 of 2018 and amending Circular No. 8 (2009).
The following shall apply:
- Banks shall open bank accounts for university students upon request.
- The account may be denominated in Jordanian Dinars or US Dollars.
- Banks shall apply standard terms and conditions, subject to regulatory guidelines for student accounts.
- This circular takes effect from the date of issuance.
Ramallah & Al-Bireh Governorate, Palestine P.O. Box 452 | Email: mfo@pma.ps | Fax: +970 2 2415310 Tel: +970 2 2415251 | Postal Code: P6160675