Palestine Monetary Authority

Palestine Monetary Authority

Circular No. (2014/12)

To all lending institutions operating in Palestine

Date: Monday, January 20, 2014

Subject: Development of the Credit Information System (Version 3)

Further to our Circular No. (2013/62) dated May 7, 2013, regarding the development of credit operations systems, and to the roundtable meeting held on November 18, 2013, and subsequent meetings in particular, and with the aim of maintaining the effectiveness and performance of the Credit Information System in accordance with relevant best international practices, which was launched in early 2008, the Authority has previously re-evaluated the system to achieve its founding purpose and to serve users within the banking sector and lending institutions. This re-evaluation resulted in developments across various aspects of the system.

In light of this, and pursuant to Circular No. 2007/160 dated October 28, 2007, which governs the operation of the Credit Information System, please find enclosed:

1. The developmental provisions agreed upon with banks and specialized lending institutions
2. Corrective instructions organizing the mechanisms for customer disclosure on the Credit Information System

Given the importance of coordinating efforts, all lending institutions are required to take the necessary preparatory measures to modify their systems to comply with the development requirements, as well as to adjust current disclosure mechanisms in accordance with the attached instructions and appendix, and to undertake any necessary procedures to fulfill the requirements of the development process.

Please note that disclosure will continue to follow the currently approved methodologies and appendices. The methodologies and appendices attached to this circular are provided solely for guidance to assist lending institutions in preparing for the development process. All required developments must be fully implemented by the end of April 2014, in accordance with the established action plan for the development process.

Dr. Adel Al-Jaafari
Head of Public Relations and Market Officers Department Palestine Monetary Authority

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