Regulatory Alerts2024-01-01
Circular No. 127: Electronic Payments in Government Circles
The Palestine Monetary Authority issued Circular No. 127 to regulate electronic payments within government entities. The directive mandates the implementation of electronic payment systems to replace cash transactions for government services. Compliance with these electronic payment standards is required to be fully achieved by the year 2025.
PALESTINE MONETARY AUTHORITY
Circular No. 127 Electronic Payments in Government Circles
Date: 16 July 2024
Reference: Circulars No. (2023/231), (2023/230), and (2023/211)
The Palestine Monetary Authority (PMA) hereby issues this circular to regulate electronic payments in government circles. This directive aims to enhance the efficiency and transparency of financial transactions within government entities by promoting the adoption of electronic payment methods.
Government entities are required to implement electronic payment systems for all applicable transactions. The full implementation of these electronic payment mechanisms must be completed by the year 2025.
This circular supersedes previous related directives and establishes the framework for monitoring compliance with electronic payment standards in the public sector.
Contact Information:
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Zip Code: 6160675 Fax: +970 2 2415310 Tel: +970 2 2415251 Email: info@pma.ps