PMA Presents their Experience During the Meeting of the Governors of Arab Central Banks

Dr. Jihad Khalil Al Wazir, Governor of the Palestine Monetary Authority (PMA) participated in the 37th ordinary session of the Board of Governors of Arab Central Banks and Monetary Institutions, which was held in Abu Dhabi last Sunday. During the meeting, Dr. Al Wazir gave a detailed presentation on the authority's experience in developing the infrastructure of the banking and financial sector, and its efforts to restructure the Palestinian banking sector in unusual and difficult circumstances in terms of payment and settlement procedures, information as well as regulations.

The participants praised the efforts of PMA to achieve the integrity and efficiency of the Palestinian banking sector. . The Board of Governors of the central banks presented an acknowledgment letter to Dr. Al Wazir for the excellent paper he presented and for the progressive performance levels the PMA has achieved. They also expressed their willingness to offer full support to the PMA and their persistent efforts aimed at developing and advancing the Palestinian banking sector.

The Board discussed a number of other issues which were addressed through a paper entitled “Governance of Banking Institutions”- which was prepared by the joint efforts of the PMA and the Central Bank of Bahrain, another paper was titled “Protection of Financial and Banking Service Customers”. It set forth the terms of reference relating to a task force emanating from the Arab Committee on Banking Supervision (ACBS), aiming to strengthen financial inclusion in Arab states.

Among the efforts of Dr. Al Wazir during this visit to the UAE, and under the auspices of the Consul General of Palestine in Dubai-Ambassador Isam Masalha, the “Founding Committee for the Affairs of the Palestinian Community” organized a meeting for the community with Al Wazir, who gave a lecture entitled “Developments in the Palestinian Banking System and the Future outlook”. The meeting was attended by businessmen, Palestinian investors, and elite community members working in the UAE’s banking sector. Dr. Al Wazir talked about the PMA’s successes and developments in the Palestinian banking system, obstacles and challenges that they faced, and the efforts which the PMA exerted in order to maintain financial stability in Occupied Palestinian Territories (oPT). During his speech, Dr. Al Wazir highlighted the accomplishments of the past few years, which the World Bank had recently praised in their report at the conference of donor countries held in New York on 26/09/2013.