Palestine Monetary Authority
 Logo | |
| Headquarters | Ramallah, Palestine |
|---|---|
| Established | 1 December 1994 |
| Ownership | 100% state ownership[1] |
| Governor and Chairman | H.E. Dr. Feras Milhem |
| Central bank of | Palestine |
| Currency | No universal currency |
| Website | www |
The Palestine Monetary Authority (PMA;
Arabic: سلطة النقد الفلسطينية) is the emerging central bank of Palestine.[2] The PMA, located in Ramallah, was established in 1994 following the signing of the Protocol on Economic Relations (Paris Protocol) between the Palestinians and Israel.[3] 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.[citation needed
]
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 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.[citation needed
]
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.[citation needed]
PMA is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion.[4]
Governors
The governors of the PMA have been:[5]
- 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 –[6]
See also
- Economy of the Palestinian territories
- List of central banks
References
- ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
- ^ "Profile". Archived from the original on 2012-03-15. Retrieved 2012-03-13.
- ^ "Palestine Monetary Authority chief resigns".
- ^ "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". Central Banking. January 4, 2021.