Palestine Monetary Authority: Difference between revisions
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The '''Palestine Monetary Authority''' ('''PMA'''; {{lang-ar|سلطة النقد الفلسطينية}})<ref>http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=4E9F42888CF2E325852576B800553E5A</ref> is the emerging [[central bank]] of [[State of Palestine|Palestine]].<ref>{{cite web |url=http://www.pma.ps/index.php?option=com_content&view=article&id=47&Itemid=67&lang=en |title=Archived copy |access-date=2012-03-13 |url-status=dead |archive-url=https://web.archive.org/web/20120315122453/http://www.pma.ps/index.php?option=com_content&view=article&id=47&Itemid=67&lang=en |archive-date=2012-03-15 }}</ref> |
The '''Palestine Monetary Authority''' ('''PMA'''; {{lang-ar|سلطة النقد الفلسطينية}})<ref>http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=4E9F42888CF2E325852576B800553E5A</ref> is the emerging [[central bank]] of [[State of Palestine|Palestine]].<ref>{{cite web |url=http://www.pma.ps/index.php?option=com_content&view=article&id=47&Itemid=67&lang=en |title=Archived copy |access-date=2012-03-13 |url-status=dead |archive-url=https://web.archive.org/web/20120315122453/http://www.pma.ps/index.php?option=com_content&view=article&id=47&Itemid=67&lang=en |archive-date=2012-03-15 }}</ref> The PMA, located in [[Ramallah]], was established in 1994 following the signing of the [[Paris Protocol]] between the Palestinians and Israel.<ref> https://www.aa.com.tr/en/middle-east/palestine-monetary-authority-chief-resigns/2097154 </ref> It is an independent public institution responsible for the formulation and implementation of monetary and banking policies, to safeguard the banking sector and to ensure the growth of the national economy in a balanced manner. |
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PMA supervises the 13 Palestinian and foreign banks operating in the West Bank and Gaza Strip. It is not responsible for the issue of a [[Palestinian currency]]. |
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PMA operates under the authority of PMA Law Number 2 of 1997, an act of the [[Palestine Legislative Council]], and the Banking Law Number 9 of 2010. |
PMA operates under the authority of PMA Law Number 2 of 1997, an act of the [[Palestine Legislative Council]], and the Banking Law Number 9 of 2010. |
Revision as of 10:21, 13 May 2021
Headquarters | Ramallah, Palestine |
---|---|
Established | 1994 |
Ownership | 100% state ownership[1] |
Governor and Chairman | H.E. Azzam Shawwa |
Central bank of | Palestine |
Currency | Jordanian Dinar, Israeli New Shekel and United States Dollar |
Website | www |
The Palestine Monetary Authority (PMA; Arabic: سلطة النقد الفلسطينية)[2] is the emerging central bank of Palestine.[3] The PMA, located in Ramallah, was established in 1994 following the signing of the Paris Protocol between the Palestinians and Israel.[4] It is an independent public institution responsible for the formulation and implementation of monetary and banking policies, to safeguard the banking sector and to ensure the growth of the national economy in a balanced manner.
PMA supervises the 13 Palestinian and foreign banks operating in the West Bank and Gaza Strip. It is not responsible for the issue of a Palestinian currency.
PMA operates under the authority of PMA Law Number 2 of 1997, an act of the Palestine Legislative Council, and the Banking Law Number 9 of 2010.
The logo of the PMA pays homage to the Palestinian pound, minted and circulated under the British Mandate. The logo contains the name of the PMA in English and Arabic, written on the historic 5 mils coin.
Objectives
PMA aims to maintain monetary and financial stability and to promote sustainable economic growth through:
- effective and transparent regulation and supervision of banks, specialized lending institutions and money changers operating in Palestine.
- overseeing the implementation and operation of modern, efficient payment systems.
- development and execution of monetary policy designed to achieve price stability.
PMA is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion.[5]
PMA vision
PMA's vision is to be a full-fledged and a modern central bank for an independent and sovereign Palestinian state, capable of achieving monetary stability and keeping inflation under control, and maintaining financial stability, thereby contributing to further development in the Palestinian financial sector, promoting integration into the regional and global economy, and ultimately, fostering high rates of sustainable economic growth in the Palestinian territories.
Governors
The governors of the PMA have been:[6]
- Fouad Bseiso, December 1994 - November 2001
- Amin Haddad, December 2001 - February 2005
- George al-Abed, February 2005 - November 2007
- Jihad al-Wazir, January 2008 - November 2015
- Azzam Shawwa, November 2015 - January 2021
- Feras Milhem, January 2021 —[7]
See also
References
- ^ https://d-nb.info/1138787981/34
- ^ http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=4E9F42888CF2E325852576B800553E5A
- ^ "Archived copy". Archived from the original on 2012-03-15. Retrieved 2012-03-13.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ https://www.aa.com.tr/en/middle-east/palestine-monetary-authority-chief-resigns/2097154
- ^ "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-02-20. Retrieved 2012-02-23.
- ^ "PMA > Board of Directors". www.pma.ps.
- ^ Palestine Monetary Authority governor resigns early