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 in accordance with international standards for closing accounts of financial institutions, and due to 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.

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Supervision and Inspection Department
Palestine Monetary Authority

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Note:
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