Palestine Monetary Authority

Palestine Monetary Authority

Circular No. (2008/85)
To all banks operating in Palestine
Date: Wednesday, June 25, 2008

Subject: Reliance on PMA Instructions and Decisions

The Palestine Monetary Authority has received a large number of complaints (written and telephone) from the public dealing with banks regarding various issues, including the reluctance of some banks to grant facilities/credit to their customers, fulfill their requests for issuing checkbooks, and refuse to open accounts for some clients or close them for reasons specific to the bank, citing PMA instructions as justification.

Given that the PMA's instructions are clear and aim to regulate the relationship between the bank and its clients on one hand, and to maintain the financial stability of the banking system on the other, the PMA instructs all banks to adhere to the highest standards of professionalism and transparency in their dealings with clients, and to frankly inform clients of the actual reasons for not fulfilling their requests.

The PMA will follow up on citizen complaints received regarding this matter and take appropriate measures as the situation dictates and in accordance with established procedures.

Banking Supervision Department
Palestine Monetary Authority

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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

Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487