Regulatory Alerts2023-01-01
Instructions No. 19 of 2023 Regarding Banking Fees and Commissions
The Palestine Monetary Authority issued Instructions No. 19 of 2023 to regulate banking fees and commissions, specifically deferring the implementation of Article 5 and the repeal of Instructions No. 6 of 2021 regarding Israeli Shekel deposit commissions until June 30, 2024. These amendments operate under Decision-Law No. 9 of 2010 and build upon the Original Instructions No. 4 of 2023 to ensure regulatory continuity. The Governor formally enacted these directives in Ramallah on December 31, 2023, to align banking fee structures with public interest and existing legal frameworks.
Palestine Monetary Authority
Instructions No. (19) of 2023 Regarding Banking Fees and Commissions
Pursuant to the provisions of Decision-Law No. (9) of 2010 regarding Banks, particularly Articles (40 and 72) thereof, and after reviewing Instructions No. (4) of 2023, in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions The following words and expressions shall have the meanings assigned to them below, unless the context indicates otherwise: Original Instructions: Instructions No. 4 of 2023 regarding Banking Fees and Commissions.
Article (2) Implementation of Article (5) Provisions The implementation of the provisions of Article No. (5) of the Original Instructions is deferred until 30/6/2024, provided that Instructions No. (6) of 2021 regarding the deposit commission for the Israeli Shekel currency shall apply.
Article (3) The repeal of Instructions No. (6) of 2021 regarding the deposit commission for the Israeli Shekel currency, as stipulated in Article (16) paragraph (3) of the Original Instructions, is deferred until 30/6/2024.
Issued in Ramallah, dated 31/12/2023.
Dr. Firas Melhem Governor [Signature]
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps