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Governor of the Monetary Authority: Completion of the founding to transform the PMA into a central bank

2007-10-30

Governor of the Monetary Authority: Completion of the founding to transform the PMA into a central bank

Ziad Abu Yusuf said Governor-d Monetary Authority. George Abed that the Monetary Authority always strives to develop the banking system is in the process of turning from the central bank to the Palestinians within a few years, it had completed much of the work for the establishment of the Constituent central bank for an independent Palestinian state. He added in a speech during a training workshop held yesterday, that the Palestinian Monetary Authority on »credit information service system« via video system conference, in the Best Eastern Hotel Ramallah, and the Commodore Hotel in Gaza, with the participation of officials and staff of the Monetary Authority and banks operating in Palestine , that the transformation was complete as for tasks in the Constituent Monetary Authority, and the restructuring of services and systems, the formation of all services required to form a basis for starting towards the central bank capable of issuing the national currency in the future, the management of monetary policy in accordance with the rules of banking operations in industrialized countries. The benefits of the Office of the regulatory authority is to provide accurate data to the authority granted cash credit from the banks and specialized lending institutions to assist in the control and management of credit risk, and strengthen control approach based on risk, which is one of the main pillars to meet the requirements of the Basel 2, and to provide full information in a timely manner, including help regulatory authority to conduct a comprehensive analysis to deal with the circumstances and changes and regular.