Regulatory Alerts2023-01-01
Instructions No. 14 of 2023 Regarding Granting Public Sector Employees Salary Advances
The Palestine Monetary Authority issued Instructions No. 14 of 2023 to regulate the procedures for granting temporary salary advances to public sector employees by licensed banks. The regulations mandate that advances be limited to 50% of the salary, with the Ministry of Finance bearing the interest costs capped at 3% per annum, and require repayment upon salary transfer. These instructions apply to all licensed banks in Palestine and entered into force on November 27, 2023.
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