The Monetary Authority Completes Amendments to the Draft Law for Reducing Cash Usage

SadaNews - The Monetary Authority has confirmed that it has completed the technical and legal amendments to the draft law for reducing cash usage, following an extensive dialogue meeting held to discuss the project, which saw wide participation from representatives of official, economic, financial, legal sectors, civil society organizations, and the private sector.

The Monetary Authority indicated that it has documented and compiled all the feedback received from the public on the draft law, which was collected through the legislation platform of the Ministry of Justice and also through its own website. Additionally, it documented the contributions of participants in the dialogue meeting held on 8/12/2025, studied them, and took necessary notes for finalizing the draft law.

The Monetary Authority explained that its technical and legal teams worked to incorporate the suggested amendments to the draft law, based on the discussions and recommendations stemming from the dialogue meeting. The legal team has also prepared a legislative policy memorandum, an explanatory memorandum, and a legislative need model in preparation for completing the necessary legislative and legal procedures, with the modified version of the draft law set to be submitted to the esteemed Council of Ministers for necessary action in this regard.

The Monetary Authority indicated that it has prepared a timeline and phased plan for implementing the provisions of the law, taking into account the specificities of various economic sectors and ensuring a gradual and balanced application.

Furthermore, the Monetary Authority stated that it is working, in parallel, in cooperation with partners to prepare a comprehensive media, awareness, and promotional plan targeting citizens, merchants, and various community segments, to encourage them to use electronic payment methods and enhance digital financial literacy, contributing to the shift towards a digital economy and facilitating the application of the law.

The Monetary Authority pointed out that these measures come in harmony with the outcomes and recommendations of the dialogue meeting, which included the importance of adopting a gradual transitional period for the implementation of the law, reviewing cash transaction limits in line with the nature of economic activities, in addition to promoting financial inclusion, reducing the cost of electronic payments, ensuring data protection and banking confidentiality, upgrading digital infrastructure readiness, and implementing awareness programs.

The Monetary Authority emphasized its continued cooperation and consultation with all parties to ensure the protection of citizens' rights and contribute to enhancing financial and economic stability in Palestine.