RegAlertRule · PMA · 21 Oct 2012
Circular No. 142 Granting Facilities to Local Authorities
The Palestine Monetary Authority mandates that all banks operating in Palestine must obtain prior approval from the Minister of Local Government before granting any banking facilities to local authorities. This directive enforces a Ministry of Local Government letter dated October 2, 2012, which strictly prohibits such financial accommodations without explicit ministerial consent. Additionally, banks must secure Council of Ministers approval for any borrowing transactions requiring an Executive Authority guarantee, in compliance with Article 21 of the Local Authorities Law No. 1 of 1997.
Palestine Monetary Authority
Circular No. (142/2012)
To all banks operating in Palestine
Date: Sunday, October 21, 2012
Subject: Granting Facilities to Local Authorities
Attached for your information is the letter from His Excellency the Minister of Local Government No. (5432/30/4) dated 02/10/2012 regarding the prohibition of granting any banking facilities to local authorities except after obtaining prior approval from the Minister of Local Government. It is further noted that if a borrowing transaction requires a guarantee from the Executive Authority, approval from the Council of Ministers must be obtained in accordance with Article (21) of the Local Authorities Law No. (1) of 1997. Please take the necessary steps to comply with the aforementioned requirements.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
More like this from PMA
PMA published 4 documents in the last 30 days. We email you each new one the day it's published.
Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated