Palestine Monetary Authority

Palestine Monetary Authority

Circular No. (2013/67)
To all banks operating in Palestine Date: Wednesday, May 22, 2013

Subject: Unlicensed "Bank"

With reference to media reports concerning the establishment of a new bank named "Production Bank" in the Gaza Strip, we hereby inform you that the Palestine Monetary Authority has not issued a license to this entity or any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010. Accordingly, all banks operating in Palestine are directed to refrain from cooperating with or contracting the aforementioned bank, which includes participating in its share capital, managing its subscription process, providing any advisory services to it, or engaging in any other transactions whatsoever.

Director of Supervision and Inspection Palestine Monetary Authority

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