President Abbas renews term of office of PMA Governor

RAMALLAH, President Mahmoud Abbas has issued a Presidential Decree renewing the term of office of the Governor of Palestine Monetary Authority (PMA), Azzam Shawwa, for a second term that will run until 2023.

Governor Shawwa said that his priorities in the coming period were to enable PMA with the support and sponsorship of the President and the great cooperation of the government and relevant official bodies to continue to maintain financial stability and the strength of the banking system and its ability to cope with shocks.

Other priorities, according to him, include reinforcement of the non-banking financial sector and enhancing the work of partner institutions whose boards of directors are headed by the Governor of PMA, such as the Palestine Deposit Insurance Corporation, the Palestine Banking Institute, and the National Anti-Money Laundering and Terrorism Financing Committee.

Shawwa noted to the importance of promoting financial inclusion in accordance with the National Financial Inclusion Strategy, contributing to economic growth to a large extent, and developing microfinance in accordance with the strategy of the specialized lending sector in Palestine, as a key lever and central pillar of stability of the financial and social sector in the Palestinian national economy.

He added that it would be the responsibility of PMA to implement its strategy of the next five years, which include a new administrative structure that supports the implementation of the developing strategies, in addition to keeping pace with developments in the financial technology (Fintech) sector and providing developed and secure technological infrastructure for all segments engaged in financial technology.

Governor Shawwa added that by complying with international law, standards and practices, and investment in the development of competent and qualified employees, the PMA was achieved its goals. This has enabled PMA to gain prestige and credibility at the regional and international levels as well as the local level, and the development of this position will be at the heart of the priorities of the next phase, he said in a statement.

Governor Shawwa stated that one of the critical priorities of PMA was to continue efforts in combating money laundering and terrorism financing, as PMA, through the Financial Follow-Up Unit, led national efforts in the national assessment of the risks of money laundering and terrorism financing.

Source: Palestinian News and Info Agency