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Law No. (18) of 2004 Amending Certain Provisions of Law No. 2 of 1997 Concerning the Palestinian Monetary Authority
President Rawhi Fattouh of the Palestinian National Authority issued Law No. 18 of 2004 to amend Article 15 of the 1997 Monetary Authority Law, establishing new appointment procedures and fixed terms for the Governor, Deputy Governor, Ministry of Finance representative, and Council members. The legislation mandates Legislative Council ratification for the Governor's appointment while granting the President authority to appoint the Deputy and other members based on ministerial or gubernatorial proposals. It further provides for reappointment, vacancy replacement procedures, and a thirty-day post-publication effective date.
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No. 54 | Palestinian Gazette | April 2005
Law No. (18) of 2004
Amending Certain Provisions of Law No. (2) of 1997
Concerning the Palestinian Monetary Authority
President of the Palestinian National Authority Having reviewed the amended Basic Law, and Law No. 2 of 1997 concerning the Palestinian Monetary Authority, and based on what was approved by the Legislative Council in its session held on 28/5/2003, we have issued the following Law:
Article (1)
The following text shall replace Article (15) of Law No. (2) of 1997 concerning the Monetary Authority:
(a) The Governor shall be appointed by a decision of the President of the National Authority, and his appointment shall be ratified by the Palestinian Legislative Council. (b) The Deputy Governor shall be appointed by a decision of the President of the National Authority, based on a proposal from the Council of Ministers. (c) A representative of the Ministry of Finance shall be appointed by a decision of the President of the National Authority, upon proposal from the Minister of Finance. (d) The remaining members of the Council shall be appointed as follows:
- Two members by a decision of the President of the National Authority.
- Three members upon proposal from the Council of Ministers and by a decision of the President of the National Authority.
- One member upon proposal from the Governor and by a decision of the President of the National Authority.
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No. 54 | Palestinian Gazette | April 2005
(e) The term of office for the Governor and his Deputy shall be four years, and the term of office for Council members shall be three years. (f) The Governor, Deputy Governor, or a Council member may be reappointed. (g) If the position of Governor, Deputy Governor, or any Council member becomes vacant before the expiration of their term, a replacement shall be appointed in accordance with the provisions of Article (14) of this Law and paragraphs (a) and (b) of this Article to complete the remaining term.
Article (2)
All competent authorities shall implement the provisions of this Law, each within their respective jurisdiction, and it shall come into force thirty days after its publication in the Official Gazette.
Issued in Ramallah on: 27 / December / 2004 AD Corresponding to: 15 / Dhu al-Qadah / 1425 AH
Rawhi Fattouh
President of the Palestinian National Authority
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Lineage: In force
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This document amends: Law No. (2) of 1997 Concerning the Palestine Monetary Authority
Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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