Governor of the Monetary Authority Discusses with the President of the European Bank Ways to Support the Palestinian Banking Sector

SadaNews - The Governor of the Monetary Authority, Yahya Shanar, met with the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, in the presence of several European bank officials and directors of departments from the Monetary Authority.

During the meeting, the governor reviewed the conditions of the Palestinian banking sector, and the supervisory and regulatory role played by the Monetary Authority in maintaining financial stability and strengthening the resilience of the banking system amidst the complex economic and financial conditions facing Palestine.

The governor reaffirmed the commitment of the Monetary Authority to apply the best international standards and practices in banking supervision, compliance with anti-money laundering requirements, and ensuring the safety and continuity of banking operations, thus enhancing trust in the Palestinian financial sector and protecting the rights of depositors and investors.

The meeting also addressed the challenges facing the banking sector, particularly the pressures related to correspondent banking relationships, and the importance of maintaining stable and predictable financial channels to ensure the continuity of banking services and support economic activity.

The two sides discussed ways to enhance the existing cooperation between the Monetary Authority and the European Bank for Reconstruction and Development, especially in areas supporting small and medium enterprises, digital transformation, enhancing financial inclusion, developing digital financing, financing projects in the energy and infrastructure sectors, along with exploring the possibility of continued support from the European Bank for its investments in the Palestinian banking sector, and providing additional liquidity support tools and international protection mechanisms that enable banks to manage risks and continue lending under current restrictions.

For her part, the President of the European Bank for Reconstruction and Development affirmed the bank's continued support for the Palestinian banking sector and its keenness to enhance the partnership with the Monetary Authority, which contributes to establishing financial stability, providing a stable legal and regulatory environment that encourages investment and supports sustainable economic development, and strengthens the resilience of the Palestinian economy, emphasizing the European Bank's readiness to expand the horizons of cooperation in the future.