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Palestinian Monetary Authority Plays Crucial Role in Promoting Economic Stability

The Palestinian Monetary Authority (PMA) has been operating under the framework established by the Palestinian Authority since 1994. As the central bank of Palestine, the PMA plays a vital role in promoting monetary stability, enhancing the financial sector, and supporting economic development.

Governance Structure

The PMA operates independently from the government in its decision-making and policy formulation, ensuring the integrity and credibility of its operations. The institution is governed by a Board of Directors composed of prominent experts and professionals in economics, finance, and banking.

Monetary Policy

According to the legal framework, the PMA is responsible for formulating and implementing monetary policy in Palestine. However, due to the country’s dependence on the Israeli shekel as its currency, the PMA has limited monetary policy tools at its disposal.

Regulatory Role

Despite these challenges, the PMA has made significant strides in promoting financial stability and regulation. The institution oversees and regulates the financial sector, issuing licenses to banks and financial institutions, supervising their operations, and enforcing prudential regulations to safeguard the soundness of the financial system.

Key Responsibilities

  • Monitors risks and implements measures to prevent money laundering, terrorist financing, and other financial crimes.
  • Manages and oversees payment systems in the Palestinian territories, ensuring efficient and secure payment mechanisms.
  • Works towards promoting financial inclusion and expanding access to financial services for all segments of society.

International Cooperation

The PMA has also been actively engaged in international and regional financial institutions, cooperating with central banks and monetary authorities worldwide. This cooperation aims to share experiences, enhance expertise, and strengthen the Palestinian financial system’s integration with the global economy.

Commitment to Sustainability

In a statement, Dr. Feras Milhem, Chairman of the Palestinian Monetary Authority, emphasized the importance of the institution’s role in promoting economic stability and development. “The PMA is committed to maintaining the integrity and credibility of its operations, ensuring the stability and resilience of the Palestinian financial system,” he said.

Twinning Action with the European Union

As part of its commitment to sustainability, the PMA has launched a twinning action with the European Union, aimed at strengthening its capabilities and enhancing its effectiveness in promoting economic development. The project will be implemented over a period of 25 months and will involve cooperation with counterparts from the beneficiary administration.

Contact Information

For more information on the Palestinian Monetary Authority or the twinning action, please contact:

  • Dr. Feras Milhem, Chairman, Palestinian Monetary Authority
    • P.O. Box 452, Al- Bireh, Palestine
    • Tel.: (+970) 2-2415251
    • Fax: (+970) 2-2415310
    • Email: info@pma.ps
  • Faris Hindi, Director of the Payment Department (Project Leader Counterpart)
    • Al-Bireh-Ramallah Governorate - Palestine
  • Dima Najjar, Projects Coordinator - Planning Department (RTA Counterpart)
    • Al-Bireh-Ramallah Governorate - Palestine