Regulatory Alerts2006-01-01
Circular No. 198 on Old Damaged Israeli Currency Coins and Banknotes
The Palestine Monetary Authority mandates that all banks operating in Palestine must accept deposits of old damaged Israeli currency coins and banknotes, provided they are genuine, and must keep associated processing fees reasonable and aligned with local market conditions. This directive reinforces Circular No. 128 dated July 13, 2006, and requires all general and regional departments to formally instruct their branches to comply. Banks are explicitly prohibited from rejecting such currency deposits unless counterfeiting is suspected.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (198/2006)
To all banks operating in Palestine
Date: Tuesday, November 28, 2006
Subject: Old Damaged Israeli Currency Coins and Banknotes
In confirmation of what was stated in our Circular No. (128) dated 13/7/2006, we request all general and regional departments to disseminate this circular to all their branches not to reject any deposits of old damaged Israeli currency coins and banknotes unless they are counterfeit, and that the level of fees charged remains reasonable and commensurate with the nature of the Palestinian market.
Bank Supervision Department
Palestine Monetary Authority
Ramallah - Al-Bireh - P.O. Box 602, Tel: 02 240 9920, Fax: 02 240 9922
Gaza - P.O. Box 4026, Tel: 08 282 5713, Fax: 08 284 4487
E-mail: info@pma.gov.ps
www.pma-palestine.org