Regulatory Alerts2024-01-01
Circular No. 117 Installments of Loans and Financing for Public Sector Employees
The Palestine Monetary Authority issued Circular No. 117/2024 to all banks operating in Palestine, mandating strict compliance with regulations regarding loans and financing for public sector employees. The directive prohibits the deduction of amounts from public sector employee salaries in Gaza and caps deductions in the West Bank at 50% of the transferred salary or the monthly installment, whichever is lower. Banks are further required to refrain from any additional financial deductions and must refund any amounts withheld in violation of these instructions by the end of the business day.
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