"Monetary Authority" and "Engineers Syndicate" and "Contractors Union" Discuss Plan to Implement Law Reducing Cash Usage

SadaNews - The Monetary Authority held a meeting with the Engineers Syndicate and the Contractors Union to discuss the details and mechanisms for implementing the law to reduce cash usage. The meeting was attended by the Governor of the Monetary Authority, Yahya Shanar, the Head of the Engineers Syndicate, Eng. Tarek Abdul Majid Al-Zarou, the President of the Palestinian Contractors Union, Dr. Ahmad Al-Qadi, and their accompanying delegation, along with the Deputy Governor of the Monetary Authority, Mohammed Manasra, and several department directors at the authority.

During the meeting, the Governor of the Monetary Authority emphasized that the authority follows a gradual and studied approach to implementing the provisions of the law, considering the readiness levels in various sectors and preventing any negative impacts on the business sector and economic activities.

He indicated that the implementation of the law will be in parallel with enhancing the infrastructure for electronic payment methods and conducting awareness campaigns for various community sectors, while ensuring partnership and coordination with professional bodies and the private sector to ensure legal compliance, achieve the desired goals, develop oversight systems, and provide the necessary incentives to encourage the use of electronic payment methods.

Shanar clarified that implementing this law contributes to enhancing the stability of the banking sector under current circumstances by reducing reliance on paper cash, supporting the development of the digital payment infrastructure, and stimulating financial innovation, thus protecting the sector from economic risks and boosting citizens' and investors' confidence in the financial system.

For his part, the President of the Engineers Syndicate, Eng. Tarek Abdul Majid Al-Zarou, stressed the importance of flexibility in implementing the law, especially for projects that require high cash liquidity and quick processing, pointing to the necessity of establishing clear mechanisms to deal with potential financial challenges to ensure efficient workflow without disrupting projects or affecting the quality of execution.

At the same time, the Head of the Engineers Syndicate emphasized the need to absorb the cash amounts circulating in the market and ensure the banking sector's readiness to receive these amounts efficiently and without obstacles, in addition to providing sufficient flexibility in issuing checks to meet the needs of various sectors and facilitate their work, while working simultaneously to complete and prepare the necessary infrastructure in preparation for the actual and smooth implementation of the law.

In turn, the President of the Contractors Union, Dr. Ahmad Al-Qadi, called for continued cooperation with all sectors to ensure the optimal implementation of the law to reduce cash usage, noting the importance of continuous coordination between the private sector and official bodies to achieve the desired goals without impacting projects. He praised the important role played by the Palestinian Monetary Authority in maintaining financial and economic stability and enhancing investor and private sector confidence, affirming his appreciation for the authority's efforts to support various sectors and provide a stable and secure economic environment.