Dr. Ishtayeh calls on the banking sector to strengthen the national product
He praised the efforts of the Monetary Authority and praised the role of the banking sector in facing the financial crisis

Dr. Ishtayeh calls on the banking sector to strengthen the national product

He praised the efforts of the Monetary Authority and praised the role of the banking sector in facing the financial crisis

 

Prime Minister Dr. Ishtayeh met Representatives of the banking and financial sectors, including banks, lending and exchange institutions

in the headquarters of the Monetary Authority in Ramallah. In the presence of the President of the Monetary Authority Azzam Shawa

 

 The prime minister noted that the government has begun to implement the strategy of gradual disengagement from the occupation Calling for concerted efforts between the government and the private sector, Especially the banking sector, in order to promote the national product, the trend towards direct import from abroad.

 

 

Dr. Ishtayeh stressed that the government will reconsider the educational process and will move towards strengthening technical and vocational education, Based on the requirements of the labor market, which contributes to the economic renaissance, and reduce unemployment among university graduates.

 

 The Prime Minister praised the efforts and achievements of the Monetary Authority in maintaining financial stability despite obstacles and challenges, stressing the President's support and pride in the role played by the Monetary Authority and its contribution to economic development.

 

 He also appreciated the role of the banking sector in enhancing citizens' resilience through providing finance to the government, especially during the financial crisis. Stressing the importance of reversing the growth in the financial indicators of the banking sector on the development of the local economy.

 

At his turn, Al-Shawa pointed out that despite the slowdown in real economy indicators, the banking system has managed to maintain a good growth rate in most financial indicators. So it’s total assets amount to more than 115% of GDP, while  the total assets of all institutions supervised by the Monetary Authority in relation to GDP reached a record high exceeding the 130% barrier.

 

  The Governor of the Monetary Authority pointed out the efforts exerted to promote the specialized lending sector, by enhancing its role in providing the necessary financing for small and medium enterprises and small enterprises which constitute the majority of enterprises in the Palestinian territories.

 Al-Shawa explained that the number of branches and offices of banks operating in Palestine reached 365 spread all over the country, with an annual growth rate of about 5%. This was offset by the increase in the number of licensed specialized lending institutions to 8 institutions operating through 100 branches distributed between the West Bank and Gaza Strip, in addition to approximately 320 money changers.

 

The Governor of the Monetary Authority confirmed the work on licensing a number of payment services companies, which will develop and encourage the use of modern and reliable electronic payment methods and tools that meet the needs of users and suit the business environment in Palestine.

  

The Chairman of the Association of Banks Mr. Maher Al Masri, representing the banking sector, the Chairman of the Palestinian Lending Network “Sharka”, Mr. Alaa Sisalem, representing the specialized lending sector, and Mr. Mohamed Abdel Hamid Hamed, representing the banking sector also spoked in the meeting.