PMA Working to Become a Central Bank, Says Governor

Washington, MINA – Intensive talks are under way to turn the Palestinian Monetary Fund (PMA) from a governmental financial institution with powers to a modern and sophisticated central bank, WAFA reported, citing PMA Governor Azzam Shawa on Wednesday.

Shawa was speaking in Washington where a PMA delegation he is heading is holding talks on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund (IMF) on transforming the PMA into a central bank, especially in light of strong indicators of a rise in investor confidence in the Palestinian economy.

Shawa said 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.

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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. (T/RS5/RS1)

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Mi’raj Islamic News Agency (MINA)