The Monetary Authority informs "Trade and Industry of South Hebron" about the challenges facing the banking sector

SadaNews - The Governor of the Monetary Authority, Yahya Shanar, informed the President of the Chamber of Commerce and Industry of South Hebron, Basem Abu Allan, and the members of the chamber about the prominent challenges facing the Palestinian banking sector, primarily the crisis of correspondent banks and the accumulation of Israeli currency, which impose restrictions on banks' operations and commercial transactions. Shanar pointed out in the meeting, attended by several department directors, the efforts made by the Monetary Authority to ensure the continuity of banking services. He noted the Monetary Authority's efforts in digital transformation and enhancing electronic payments, indicating that many agreements have been signed with public and private sector institutions to stimulate and encourage electronic payment. The governor highlighted the Monetary Authority's initiatives to support the national economy by providing easy financing for the development of small and medium enterprises, and empowering productive sectors, which contributes to creating job opportunities and stimulating economic activity, through various initiatives including the Sustainability and Persistence Program and the Initiate Program. The governor emphasized the position and role of Hebron Governorate in economic development, noting that the Monetary Authority is keen on collaborating with various institutions to support the economic wheel there and to receive feedback from them, especially regarding the banking services provided. He stressed the importance of raising banking awareness and promoting financial inclusion culture to enable all community groups to benefit from the services provided by the banking sector. For his part, Basem Abu Allan, the President of the Chamber of Commerce and Industry of South Hebron, expressed his appreciation for the vital role played by the Monetary Authority in maintaining the stability of the financial sector in Palestine, emphasizing the importance of enhancing cooperation frameworks and support that contribute to strengthening the economic structure, and referring to the significance of continuing dialogue and joint coordination to face the existing financial and economic challenges. Abu Allan pointed out the role of the banking sector in providing the necessary financing for various economic establishments, confirming the need to maintain an open-door policy between the Monetary Authority and private sector institutions to overcome the obstacles facing various economic sectors, especially during this difficult phase that the national economy is undergoing.