Monetary Authority Issues Instructions to Banks to Raise the Percentage of Electronic Deposits at Fuel Stations to 50%

SadaNews Economy - The Monetary Authority has issued instructions to banks operating in Palestine, mandating an increase in the percentage of electronic deposits at fuel stations to 50% of their total deposits (sales). This move is part of efforts to reduce the excess liquidity in shekels and promote the use of electronic payment methods.

This step follows a meeting held today, Tuesday, at the Monetary Authority's headquarters in Ramallah, chaired by the Governor of the Monetary Authority, Yahya Shanar, with the participation of the President of the Fuel Stations Owners Union, Nizar Al-Jaabari, the President of the Gas Filling Stations Owners Union, Osama Muslih, several members of both unions, the Undersecretary of the Ministry of Finance, the Head of the General Petroleum Authority, Majdi Al-Hassan, the President of the Palestinian Federation of Chambers of Commerce, Industry, and Agriculture, Abdu Idris, the President of the Ramallah and Al-Bireh Chamber of Commerce and Industry, Abdul Ghani Al-Attari, the Deputy Governor, Muhammad Munasra, and several directors of departments.

The meeting addressed the challenges arising from the accumulation of shekels and its impact on various sectors, particularly the fuel and gas sectors. They also discussed ways to alleviate the crisis of cash deposits in banks and encourage citizens to pay for their purchases, especially fuel, using electronic payment methods.

Participants also discussed mechanisms for joint cooperation to enhance the shift towards electronic payment, including promotional campaigns by stations and banks to encourage citizens to use modern electronic payment tools.

The Monetary Authority stressed that reducing reliance on paper currency is a strategic step to enhance financial inclusion and support the stability of the banking system, calling on all relevant parties to actively contribute to the success of this national initiative.