Regulatory Alerts2022-01-01
Circular No. 93: Currency Used in ATMs
The Palestine Monetary Authority mandates that all banks operating in Palestine must inspect banknotes and verify their fitness for circulation prior to loading them into ATMs. This directive responds to citizen complaints about banks dispensing old, damaged, or unfit currency that creates withdrawal difficulties for customers. Banks are required to enforce this verification step immediately to preserve service quality and ensure only market-acceptable notes are dispensed.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (93/2022) To all banks operating in Palestine Date: Sunday, April 17, 2022
Subject: Currency Used in ATMs
In order to maintain the quality of banking services provided by banks to their customers, and in light of some banks loading their ATMs with banknotes of various denominations that are old, damaged, or unfit for circulation in the local market, thereby causing difficulty for users in withdrawing them, and given that complaints from citizens regarding this matter have recently been received, all banks are required to inspect banknotes and verify their fitness for circulation before loading them into ATMs.
Supervisory Group Palestine Monetary Authority