Regulatory Alerts2023-01-01
Instructions No. 7 of 2023 Regarding Banking Fees and Commissions
The Palestine Monetary Authority issued Instructions No. 7 of 2023 to regulate banking fees and commissions under Law Decree No. 9 of 2010. The directive defers both the implementation and repeal of specific Israeli Shekel deposit commission rules until the end of 2023, ensuring continuity with prior regulations. These amendments modify Articles 5 and 16 of the original instructions, thereby maintaining current fee structures while pending full regulatory alignment.
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Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (7) of 2023 Regarding Banking Fees and Commissions
Pursuant to the provisions of Law Decree No. (9) of 2010 regarding Banks, particularly Articles (40) and (72) thereof, and after reviewing Instructions No. (4) of 2023 and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions
The following words and phrases shall have the meanings assigned to them below, unless the context indicates otherwise: Original Instructions: Instructions No. 4 of 2023 regarding Banking Fees and Commissions.
Article (2) Implementation of Article (5) Provisions
The implementation of Article (5) of the Original Instructions is deferred until the end of the current year, provided that Instructions No. (6) of 2021 regarding the deposit commission for the Israeli Shekel currency shall apply.
Article (3)
The repeal of Instructions No. (6) of 2021 regarding the deposit commission for the Israeli Shekel currency, as stipulated in Article (16) paragraph (3) of the Original Instructions, is deferred until the end of the current year.
Issued in Ramallah, dated 04/06/2023 CE.
Dr. Firas Malhem Governor [Signature]
1 www.pma.ps Ramallah & 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