Regulatory Alerts2018-01-01
Circular No. 151: Continued Acceptance and Trading of Older US Dollar Issuances
The Palestine Monetary Authority issued Circular No. 151/2018 to mandate that all Palestinian banks must continue accepting and trading US dollar notes across all issuances and denominations. The directive explicitly prohibits financial institutions from charging any fees or commissions when exchanging older US dollar notes for newer ones. This enforcement aligns with prior circulars to resolve customer complaints and maintain banking sector stability.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (151/2018)
To all banks operating in Palestine
Date: Monday, July 09, 2018
Subject: Continued Acceptance and Trading of Older Issuances of the US Currency
In order to address customer complaints and maintain the stability of the banking sector, and in reference to our Circulars No. (2005/43) and No. (2012/83), we emphasize the necessity of continuing to accept and trade the US Dollar currency in all issuances and denominations. Accordingly, charging any fees or commissions for exchanging older denominations for newer ones is considered a violation of the instructions.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
www.pma.ps