Regulatory Alerts2024-01-01
Palestine Monetary Authority Instructions No. 5 of 2024 Amending Financial Cycle Continuity Instructions
The Palestine Monetary Authority issued Instructions No. 5 of 2024 to amend the Financial Cycle Continuity Instructions regarding credit portfolio management in the Gaza Strip. The directive postpones loan installment deductions for individual borrowers in Gaza until August 31, 2024, and mandates specific repayment options including interest-free settlement, loan term extension, or Islamic savings products. It also permits banks to deduct payments from corporate accounts in Gaza if balances exist, provided such actions do not hinder business operations.
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