PMA working to become a central bank, says governor

PMA working to become a central bank, says governor

The Gaza Post | The News of Palestine – Ramallah

Palestinian Authority is holding Intensive talks to change the Palestinian Monetary Fund (PMA) from a governmental financial institution with ed powers to a more modern and sophisticated central bank, Governor of PMA Azzam Shawa stated on Wednesday.

During PMA’s delegation headed by PMA Governor, Azzam Shawa, to Washington to hold talks on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund (IMF) Shawa gave a speech, in which he suggested transforming the PMA into a central bank, especially in light of strong indicators of a rise in investor confidence in the Palestinian economy.

A central bank would contribute to stability in the Palestinian economy and the financial sector. He said the bank would work in the future on issuing a Palestinian national currency, Shawa explained.

Currently, the Palestinian territories use the Israeli shekel, the Jordanian dinar, the US dollar and the European Euro in its local and international financial transactions.

He expressed hope that Israel would not object to this change, particularly since the idea was well received in Europe and in the United States.

He pointed out that the Palestinian economy and financial sector are  witnessing a noticeable improvement and deposits are increasing by 15% annually and reached $12 billion, which indicates an increase in investor confidence in the national economy.

“We have learned lessons from the past, and this is the secret of the success and sustainability of the work of the Palestinian Monetary Authority,” Shawa said, expressing his pride in the commitment of the State of Palestine to international laws and standards, making it a model of transparency and independence.

Source: WAFA

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Palestinian translator/journalist covering Palestinian and middle eastern news

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