Regulatory Alerts2023-01-01
Circular No. 258 on Time Deposits and Investment Deposits
The Palestine Monetary Authority issued Circular No. 258/2023 requiring all banks operating in Palestine to renew matured or soon-to-mature customer time and investment deposits in the Gaza Strip at the higher of the agreed interest rate or the published price list. This mandatory renewal applies to all qualifying deposits that matured after October 1, 2023. Banks must ensure compliance with these rate-matching renewal terms to maintain deposit stability amid current economic conditions.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority
Circular No. (258 / 2023) To all banks operating in Palestine Date: Monday, December 18, 2023
Subject: Time Deposits and Investment Deposits.
Given the prevailing current conditions, all banks are required to renew customer time deposits and investment deposits in the Gaza Strip that have matured or will mature in the near future at the same agreed interest rate/return rate with customers, or according to the price list, whichever is higher. The above requirements apply to all time deposits and investment deposits that matured after October 1, 2023.
Supervisory Group Palestine Monetary Authority