PMA Governor: Banking system is strong and active in economic development

RAMALLAH, Thursday, Azzam Shawa, governor of the Palestinian Monetary Authority (PMA), said Thursday that the banking system in Palestine is strong and plays a big role in developing the Palestinian economy.

He said that banking data showed a significant growth compared to last year. Net assets of the banking sector amounted to $15.7 billion by the end of August of this year compared to $15 billion at the end of August 2017, paid-up capital reached $1.20 billion compared to $1.15 billion, stakeholders equity reached $1.84 billion compared to $1.80 billion, customer deposits reached $12.18 billion compared to $11.42 billion, and direct facilities totaled $8.46 billion compared to $7.70 billion a year ago.

These important financial indicators demonstrate the durability and integrity of the Palestinian banking sector and its continued contribution to the national economy, as well as the distinctive role it plays as one of the best economic sectors in Palestine despite all the challenges, said Shawa.

Source: Palestinian News and Info Agency