Regulatory Alerts2019-01-01
Circular No. 25/2019: Compliance with Monthly Data Closing Requirements
The Palestine Monetary Authority issued Circular No. 25/2019 to mandate strict compliance with monthly financial data closing requirements for all specialized lending institutions operating in Palestine. The directive reiterates that institutions must finalize their monthly financial statements by the end of the third working day of the following month, as previously stipulated in Circular No. 2018/101. This requirement is emphasized to align with international accounting standards and ensure the accuracy and reliability of financial reporting and institutional oversight.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (25/2019)
To all specialized lending institutions operating in Palestine
Date: Sunday, January 27, 2019
Subject: Compliance with Monthly Financial Data Closing Requirements
Based on the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions, and subsequently the supervisory requirements regarding the monthly closing of financial data and related office and field follow-ups, it has become evident that some lending institutions have failed to comply with the requirements of Circular No. (2018/101) regarding the necessity of closing the institution's monthly financial data by a maximum deadline at the end of the third working day of the following month. However, monthly closing is a fundamental requirement according to international standards for the closure of accounts for financial institutions, and given its importance and impact on the accuracy and correctness of all company accounts related to the income statement and financial position; we hereby emphasize the necessity for all specialized lending institutions to comply with the requirements of the aforementioned Circular.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713