Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (24) of 2020

Regarding the Postponement of Monthly/Periodic Installments During the Health Crisis

Based on the provisions of Decision No. (132) of 2011 on the Licensing and Supervision of Specialized Lending Institutions, and after reviewing Instructions No. (5) of 2020 regarding the Palestine Monetary Authority's procedures to mitigate the impacts of the health crisis, and Instructions No. (2) of 2016 on Responsible Lending, and in the public interest, we have issued the following Instructions:

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Article (1)

Repayment of Postponed Installments

Specialized lending institutions must provide their customers with the option to choose either of the following:

1. Early repayment of installments postponed during the health crisis at any time without incurring an early repayment fee.
2. Spreading the value of postponed installments over the loan term, except as provided in Article (6), paragraph (5.2) of Instructions No. (2) of 2016 on Responsible Lending.

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Article (2)

Implementation and Enforcement

All competent authorities must implement the provisions of these Instructions within their respective jurisdictions, effective from the date of their issuance.

Issued in Ramallah on 30/6/2020

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Financial Stability Group
Palestine Monetary Authority

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Note:
At the bottom of the page, contact information is provided:

• Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
  info@pma.ps | Fax: +970 2 2415310 | Fax: +970 2 2415251 | Phone: +970 2 2415251
• Gaza - Palestine P.O. Box 4026
  Fax: +970 8 2844487 | Fax: +970 8 2825713 | Phone: +970 8 2825713
• www.pma.ps