Palestine Monetary Authority and German Representative Explore Joint Cooperation

Ramallah: Governor of the Palestine Monetary Authority (PMA) Yahya Shunnar on Tuesday discussed prospects for joint cooperation with Head of the German Representative Office in Palestine Anke Schlimm, during a meeting at the Authority's headquarters in Ramallah, attended by Deputy Governor Mohammad Manasrah and several department directors. According to Palestine News and Information Agency - WAFA, Shunnar briefed the German official on the current situation of the Palestinian banking sector and the challenges and crises it faces, particularly the shekel accumulation crisis and the correspondent banking relationship with Israeli banks. He outlined the policies and measures adopted by the Palestine Monetary Authority to safeguard financial stability, ensure the continuity of banking operations, and promote economic development. Shunnar affirmed the Palestinian banking sector's commitment to internationally recognized best practices and standards, particularly in banking safety, governance, risk management, a nd compliance, and highlighted the role of the Monetary Authority in advancing the sector, especially in digital transformation. He stressed the importance of Germany assuming an active role, as a member of the G7, in preserving the correspondent banking relationship with Israel, in a manner that ensures the ability to pay for imported goods and services. Additionally, Shunnar underscored the need to exert pressure on the Israeli side to raise the annual cap on shekel transfers and expedite the release of clearance revenues, to help accelerate the recovery of the Palestinian economy. For her part, Schlimm reaffirmed her country's interest in continuing cooperation with the Palestine Monetary Authority, expressing appreciation for the efforts made to maintain financial stability and emphasizing the importance of strengthening the capacities of the Palestinian banking sector.