Region

Jurisdiction

Regulator

2016-01-01

Circular No. 13 on Local Authorities Accounts

The Palestine Monetary Authority issued this circular to clarify that its previous directive on government ministry and public institution accounts does not apply to local authorities. The regulator explicitly states that local authorities fall outside the definition of entities whose budgets are included in the Palestinian National Authority's general budget. Consequently, these bodies remain under the administrative jurisdiction of the Minister of Local Government rather than the central banking framework outlined in the referenced circular.

Palestine

Palestine Monetary Authority

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. 13 (2016/13)

To all banks operating in Palestine

Date: Tuesday, January 19, 2016

Subject: Local Authorities Accounts

With reference to the above subject, and following our Circular No. (2015/157) dated 02/12/2015 regarding the accounts of ministries and public institutions, we wish to clarify that the aforementioned circular pertains to (any ministry, public institution, authority, body, or any other entity whose budgets are included in the general budget of the Palestinian National Authority). Consequently, local authorities are not included in this definition and are administratively governed by the Minister of Local Government.

Deputy Governor
for Financial Stability Affairs

Inspection and Supervision Department

Copy to: His Excellency Minister of Local Government, Mr. Hussein Al-Araj

www.pma.ps