Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (4) of 2014

Concerning Fees for the Real-Time Settlement and Clearing System

Pursuant to the provisions of Legislative Decree No. (17) of 2012 concerning the National Payment Settlement, particularly Articles (7) and (8), and based on what the Board of Directors approved at its meeting No. (127) dated 2014/03/25, and what the Board of Directors approved at its meeting No. (128) dated 2014/04/28, and in pursuit of the public interest, we have issued the following Instructions:

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Article (1)

Scope of Application

The provisions of these Instructions shall apply to all members in both the Real-Time Settlement and Clearing systems.

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Article (2)

Fees for the Real-Time Settlement System

1. The fixed monthly fee for a direct member in the Real-Time Settlement System (Baraq) shall be as follows:
   a. Five hundred United States dollars if the member's number of transfers does not exceed (500) five hundred transfers monthly. b. Seven hundred United States dollars if the member's number of transfers exceeds (500) five hundred transfers monthly.
2. The fee for outgoing transfers from any member in the Real-Time Settlement System (Baraq) shall be (80) eighty cents per outgoing transfer.
3. The monthly fee for an indirect member in the Real-Time Settlement System (Baraq) shall be (499) four hundred and ninety-nine dollars, payable at the beginning of each month.

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Article (3)

Collection of Membership Fees

The Palestine Monetary Authority shall collect membership fees for the Real-Time Settlement System (Baraq) in accordance with Article (2) of these Instructions from the member's dedicated settlement account monthly, and financial differences shall be settled semi-annually based on the number of transfers executed monthly during that period.

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Article (4)

Clearing System Fees

The Palestine Monetary Authority shall collect the following fees pertaining to check clearing:

1. Thirty-five cents for each check submitted by the member for collection.
2. Thirty-five cents for each check returned for any reason other than insufficient funds, payable by the issuing member.
3. Three dollars for each check returned due to insufficient funds, payable by the issuing member.

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Article (5)

Penalties

The Palestine Monetary Authority shall collect the following penalties in the following cases:

1. One hundred United States dollars if there is insufficient funds in the member's account at the deadline set by the Palestine Monetary Authority for settling clearing results.
2. One hundred United States dollars for every thirty minutes that the member delays in providing sufficient funds in their dedicated settlement account, after a maximum of two hours from the deadline for settling clearing results.
3. Four thousand five hundred United States dollars if there is insufficient funds in the member's account after two hours from the deadline for settling clearing results and before the end of the business day.

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Article (6)

Deduction of Fees and Penalties

The Palestine Monetary Authority shall deduct fees and penalties from the members' dedicated settlement accounts held with it and notify them accordingly in accordance with due process.

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Article (7)

Repeal

Instructions No. (7) of 2011 concerning usage fees for the Real-Time Settlement System, and anything inconsistent with the provisions of these Instructions, are hereby repealed.

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Article (8)

Implementation and Language

All competent authorities shall implement the provisions of these Instructions within their respective jurisdictions, and these Instructions shall take effect from 2014/05/01.

Issued in the city of Ramallah on 2014/04/28
Corresponding to: 28 Jumada al-Thani 1435

Dr. Jihad Khalil Al-Alloush
Chairman of the Board of Directors

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www.pma.ps

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