Palestine Monetary Authority

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.

Palestine Monetary Authority
سلطة النقد الفلسطينية (Arabic)
Logo
Logo
HeadquartersRamallah, Palestine
Established1 December 1994
Ownership100% state ownership[1]
Governor and ChairmanH.E. Dr. Feras Milhem
Central bank ofPalestine
CurrencyNo universal currency
Websitewww.pma.ps

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 policy and is a member of the Alliance for Financial Inclusion.[4]

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:[5]

See also

References
  1. Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. "Profile". Archived from the original on 2012-03-15. Retrieved 2012-03-13.
  3. "Palestine Monetary Authority chief resigns".
  4. "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-02-20. Retrieved 2012-02-23.
  5. "PMA > Board of Directors". www.pma.ps.
  6. "Palestine Monetary Authority governor resigns early". Central Banking. January 4, 2021.
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