Palestine to get its own central bank
The Palestinian Monetary Authority has announced that it will open the Palestinian Central Bank after fulfilling all necessary requirements, but questions remain about if and when a national currency will be issued.
GAZA CITY, Gaza Strip — The Palestinian Monetary Authority (PMA) is currently preparing to open the Palestinian Central Bank, as soon as Palestinian President Mahmoud Abbas signs the Central Bank of Palestine law. This comes as the PMA fulfilled the requirements for transitioning into an integrated central bank. The preparations included restructuring the PMA, building the Central Bank headquarters in Ramallah, developing Palestinian banks, developing new control systems and finalizing the Central Bank of Palestine law.
In 2006, the PMA drafted a strategic plan to establish a central bank in Palestine in order to achieve the monetary policy’s ultimate objective in the Palestinian state. But it faced several obstacles.
