Regulatory Alerts2024-01-01
Circular No. 11: Promotional Practices that Violate Principles of Competition
The Palestine Monetary Authority (PMA) issued Decision No. 11 to all banks operating in Palestine, addressing unprofessional promotional practices that violate fair competition principles. The PMA noted that some bank employees were spreading malicious rumors about other banks' financial stability to attract deposits, which threatens financial and economic stability. To counter this, banks are required to prevent unfair competition, educate employees, adopt internal policies criminalizing such actions, and include termination of services as a penalty for non-compliance.
Share