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| Home » Central Banks Worldwide » Palestine Monetary Authority | ||||||||||||||||||||||||||||||||||||||||||
Palestine Monetary Authority |
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The Palestine Monetary Authority (PMA) (Arabic: سلطة النقد الفلسطينية) is the emerging Central Bank of Palestine. The PMA was initially established in 1994 by presidential decree as an independent institution and later by an act of the Palestine Legislative Council PMA Law Number (2) of 1997 which outlined the full authority and autonomy of the PMA. It is located in Ramallah. |
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Like a Central Bank in any developing country, PMA performs both the traditional and developmental functions to achieve macro-economic goals. Overall, the PMA is in charge of monitoring the health of the banking system as a whole, identifying and monitoring systemic risks; and strengthen relations with foreign supervisors ensuring that foreign-owned entities are effectively supervised, and, through its risk management function, help identify and deal with risks arising from the operations of banks and financial institutions under the PMA's supervision. PMA is responsible for the supervision of banks as well as non-bank financial institutions, drafting regulations, licensing, risk management, and cross-border supervision. |
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Its overall purpose is to ensure price stability and contribute to the stability and effectiveness of the Palestinian financial system, Promote sustained economic and financial growth of the Palestinian economy through the following:
• Development and
deployment of Monetary Policy designed to achieve price stability;
Currently, there are 19 banks operating in Palestine through a network of
more than 200 branches and representative offices. Of this total, there are
nine local banks that include two Islamic banks and 10 foreign banks that
comprise of eight Jordanian banks, one Egyptian bank in addition to one
branch for the HSBC. Three of the banks operating in Palestine are Islamic
and the remaining are commercial non-Islamic banks. |
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