Regulatory Alerts2015-01-01
Circular No. 162 Termination of Operations of HSBC Middle East Limited Branch
The Palestine Monetary Authority issued Circular No. 162/2015 to formally notify all operating banks of the closure of the HSBC Middle East Limited Branch in Ramallah effective December 31, 2015. The circular mandates that the branch's final deadline for processing interbank check clearing is December 28, 2015, after which only the settlement of returned and dishonored checks will be permitted through December 31. Remittance operations will continue uninterrupted until further instructions are provided, and all banks are directed to implement the necessary internal adjustments accordingly.
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