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]
 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 | None |
| Website | www |
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.[citation needed] 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.[citation needed] 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.[citation needed]
Objectives
editPMA 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
editThe 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
editReferences
edit- ^ 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.