The Palestine Monetary Authority (PMA; Arabic: سلطة النقد الفلسطينية) is the emerging central bankofPalestine.[2] The PMA, located in Ramallah, was established in 1994 following the signing of the Protocol on Economic Relations (Paris Protocol) between the Palestinians and Israel.[3] It is an independent public institution responsible for the formulation and implementation of monetary and banking policies, to safeguard the banking sector and to ensure the growth of the national economy in a balanced manner.[citation needed]
Logo
| |
| Headquarters | Ramallah, Palestine |
|---|---|
| Established | 1 December 1994 |
| Ownership | 100% state ownership[1] |
| Governor and Chairman | H.E. Dr. Feras Milhem |
| Central bank of | Palestine |
| Currency | None |
| Website | www |
PMA supervises the 13 Palestinian and foreign banks operating in the West Bank and Gaza Strip. It is not responsible for the issue of a Palestinian currency.[citation needed] PMA operates under the authority of PMA Law Number 2 of 1997, an act of the Palestine Legislative Council, and the Banking Law Number 9 of 2010.[citation needed] The logo of the PMA pays homage to the Palestinian pound, minted and circulated under the British Mandate. The logo contains the name of the PMA in English and Arabic, written on the historic 5 mils coin.[citation needed]
PMA aims to maintain monetary and financial stability and to promote sustainable economic growth through:
PMA is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion.[4]
The governors of the PMA have been:[5]
