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The Monetary Authority considers ways to coordinate the continuity of banking operations in Gaza provinces

2007-10-01

The Monetary Authority considers ways to coordinate the continuity of banking operations in Gaza provinces

The monetary authority assured its interest in the follow up of Hapoalim Bank regarding deciding to stop dealing with bank branches operating in the Gaza Strip. I was pointed out that they met with bank departments operating in Palestinian Territories and began a series of contacts with the concerned regulatory bodies for the Israeli side to address this issue including enduring the safety and continuation of banking work.The monetary authority said in a statement issued yesterday that there are several options available for the continued implementation of financial operations despite the Hapoalim Bank.Its noteworthy to include that these developments came following the Hapoalim Banks decision to stop dealing with the bank branches operating in the Gaza Strip,and that the monetary authority has been able ,through strenuous contacts with relevant agencies,the postponement of validity of this resolution at the current stage.One of the banks operating in the Palestinian territories stated that financial transactions with Hapoalim Bank will continue until the 23 of October.In another context,the monetary authority announced that it instructed all banks operating in Palestine before the year 1967 to disclose all deposit accounts belonging to citizens before that date. The monetary authority urged banks to take all necessary measures to continue with the owners of these accounts in order to surrender them. The monetary authority embarked on the process of inventory and follow ups of all these accounts by the banks towards processing and payment of their owners and is completing legal proceedings relating to the disclosure of the names and owners of these accounts without considering it a violation of banking secrecy conditions and in conformity with the law and regulations governing the work of Palestinian banking. It was explained that following the competition of all legal procedures demanded from banks which maintain such accounts, the publication of lists of owners in the daily newspapers, in order to ensure the completion of the procedures necessary to reach the owners or their heirs or their designates. The Monetary Authority said this action is aimed at strengthening and maintaining public deposits, and ensure utmost transparency and disclosure in the Palestinian banking system.

 


 

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