Regulatory Alerts2025-01-01
Circular No. 5: Bank Network Connection with the Palestine Monetary Authority
The Palestine Monetary Authority issued Circular No. 5/2025 to all operating banks, mandating the addition of a secondary backup network line from Mada Al-Arab and an increased speed for the primary Paltel connection to ensure service continuity and mitigate disruption risks. Banks are required to submit their designated network officer's contact details to mharb@pma.ps and may direct technical inquiries to the Authority's Technology Systems Department. This directive aligns with existing business continuity guidelines and implements industry best practices for banking network infrastructure.
Palestine Monetary Authority
Circular No. (5 / 2025)
To all banks operating in Palestine Date: Thursday, January 16, 2025
Subject: Bank Network Connection with the Palestine Monetary Authority
To safeguard the soundness and stability of the banking sector, ensure business continuity, and based on approved standards, best practices, and our instructions regarding bank business continuity management (Circular No. 2022/5), and with the aim of maintaining continuous service and system delivery through bank network connection lines while mitigating disruption risks, we inform you as follows:
- A secondary backup line (Backup Line) for the main bank network from a different provider (Mada Al-Arab) will be added, in accordance with best practices.
- The speed of the current main bank network line from the Palestine Telecommunications Company (Paltel) will be increased.
Accordingly, we request that you provide us with the contact details of your designated network and communications officer via email at mharb@pma.ps.
For any inquiries, you may contact the Technology Systems Department at the Palestine Monetary Authority:
- Majdi Harb 0595364600
- Tariq Hamad 0598562424
Supervision Group Palestine Monetary Authority