Regulatory Alerts2015-01-01
Instructions No. (7) of 2015 Regarding Bank Working Hours on Public Holidays and Official Leave
The Palestine Monetary Authority issued Instructions No. (7) of 2015 to regulate bank operating hours on public holidays, official leave, and emergencies. The directive establishes Friday and Saturday as the standard weekly holiday, permits limited daily extensions of up to three hours for specific payroll disbursements upon prior notification, and allows branches in and outside city centers to open on holidays subject to strict prior written approval and restricted service windows. All regulated banks must align their internal procedures with these provisions within six months, with the rules taking effect on July 1, 2015.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (7) of 2015
Regarding Bank Working Hours on Public Holidays and Official Leave
Based on the provisions of Decision-Law No. (9) of 2010 regarding Banks, particularly Article (73) thereof, and based on what the Board of Directors of the Palestine Monetary Authority decided in its meeting No. (134) dated 2015/01/25 regarding the policy of opening bank branches and offices on public holidays and official leave, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1)
Scope of Application
The provisions of these Instructions shall apply to all banks.
Article (2)
Public Holidays, Official Leave, and Emergencies
- The weekly holiday for banks shall be Friday and Saturday of each week.
- Banks shall be closed during official holidays and festivals, and during emergencies, in accordance with the decision issued by the Palestine Monetary Authority regarding the same.
Article (3)
Extension of Official Working Hours
Banks may extend working hours beyond official hours at their discretion, up to a maximum of three hours daily, provided that the Palestine Monetary Authority is notified in advance and public announcement is made at their premises in the following cases:
- Disbursement of salaries for public sector employees.
- Disbursement of salaries for organizers under the Ministry of Social Affairs.
- Any other cases specified by the Palestine Monetary Authority through a directive issued by it.
Article (4)
Working Hours on Public Holidays, Official Leave, and Emergencies
Notwithstanding the provisions of Article (2) of these Instructions, banks may do the following:
- Open their premises in areas located outside city centers only on weekly holidays and official public holidays, after obtaining prior approval from the Palestine Monetary Authority.
- Open their premises in areas located inside city centers on weekly holidays and official public holidays, subject to compliance with the following: a. Submit a written request via MERJ to the Palestine Monetary Authority. b. In the event of opening premises during the weekly holiday, it must be done on Saturday only and for a specified period. c. Extend working hours to provide services to the public, such that services shall be provided only from 10:00 AM to 1:30 PM. d. Obtain prior written approval from the Palestine Monetary Authority.
Article (5)
General Provisions
All banks must take the necessary measures to adjust their status in compliance with the provisions of these Instructions within a maximum period of six months.
Article (6)
Implementation and Enforcement
All competent authorities shall, each within their respective jurisdiction, implement these Instructions, and any provisions conflicting with them are repealed. Their provisions shall apply as of 2015/07/01.
Issued in Ramallah on 2015/05/31 Hijri Date: 13 Sha'ban 1436
Governor Dr. Jihad Al-Wazir
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps