Clarification from the Monetary Authority regarding deposits in shekels


Ramallah – Ma’an – The Monetary Authority said that placing restrictions on any deposit transaction that meets compliance requirements is considered unacceptable behavior that should be reversed without delay.

The Monetary Authority explained in a press statement issued today, Tuesday, that it had dealt, in recent days, with complaints submitted by citizens regarding restrictions imposed by some banks when depositing shekels to replenish their bank accounts.

She indicated that she had noticed, since the Israeli side issued threats to sever the banking relationship with Palestinian banks, an increasing demand from citizens, and from companies and merchants in particular, to deposit the shekel currency in their possession in banks, which caused the accumulation of paper currency in the banks’ vaults beyond their absorptive capacity. .

The Monetary Authority confirmed that it is working with banks to create alternatives to help citizens complete deposits, especially in the event that they have financial oblig
ations that they must pay, and at the same time it is conducting contacts at all levels in order to remove unjustified obstacles to shipping the surplus shekel currency in accordance with the rules. And in a sustainable way.

She pointed out that her efforts were successful with the partner parties in this regard, and that shipments of accumulated shekel paper currency to the Israeli side will resume next week.

The Monetary Authority explained that the tools and mechanisms it provides for electronic payment are available through multiple platforms: free, easy to use, and safe, and relying on them provides an alternative to paper currency circulation and the challenges associated with that.

It stressed that it is working with all its capabilities to implement a digital transformation strategy in payments as a prelude to implementing policies to reduce the use of paper money as an ideal solution to deal with restrictions on the movement of paper money.

Source: Maan News Agency

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