The Palestine Monetary Authority (PMA; ar, سلطة النقد الفلسطينية) is the emerging
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
of
Palestine. The PMA, located in
Ramallah
Ramallah ( , ; ar, رام الله, , God's Height) is a Palestinian city in the central West Bank that serves as the ''de facto'' administrative capital of the State of Palestine. It is situated on the Judaean Mountains, north of Jerus ...
, was established in 1994 following the signing of the
Protocol on Economic Relations
The Protocol on Economic Relations, also called the Paris Protocol, was an agreement between Israel and the PLO, signed on 29 April 1994, and incorporated with minor amendations into the Oslo II Accord of September 1995.
Position in the agreeme ...
(Paris Protocol) between the Palestinians and Israel. 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.
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.
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.
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.
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.
PMA is active in promoting
financial inclusion
Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
policy and is a member of the Alliance for Financial Inclusion.
PMA vision
PMA's vision is to be a full-fledged and a modern central bank for an independent and sovereign Palestinian state, capable of achieving monetary stability and keeping inflation under control, and maintaining financial stability, thereby contributing to further development in the Palestinian financial sector, promoting integration into the regional and global economy, and ultimately, fostering high rates of sustainable economic growth in the Palestinian territories.
Governors
The governors of the PMA have been:
*
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 —
See also
*
Economy of the Palestinian territories
*
List of central banks
References
External links
*
Official PMA Facebook PageOfficial PMA Twitter PageOfficial PMA Youtube Page
{{Authority control
Palestine
Economy of the State of Palestine
1994 establishments in the Palestinian territories
Organizations established in 1994