Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2020/23)

To all banks operating in Palestine

Date: Thursday, December 10, 2020

Subject: Bounced Cheques System

Further to Palestine Monetary Authority Instructions No. (2017/2) regarding bounced cheques, amicable settlements, and stopped or lost cheques, and within the framework of the Authority's measures to curb the phenomenon of bounced cheques, the time period associated with the return periods for bounced cheques on customer accounts, currently set at three months, will be amended to become a full calendar year from the date of the first cheque returned to the customer's account. Customers will be classified based on all bounced cheques on the account during the single year for all classification categories (B, C, D), effective from January 1, 2021.

Financial Stability Group
Palestine Monetary Authority

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Note:
The text on this page is an official document issued by the Palestine Monetary Authority, concerning the amendment of the bounced cheques system.

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