Question

In English, with citations:
Provide a summary of the procedures of banks in the check clearing system according to the Palestine Monetary Authority (PMA):

Word Limit,
Upper word limit: 1000 words
Lower word limit: 550 words

Answer 1

Financial iStability ifor ifinancial isector iin iPalestine iis ia ikey iobjective iof iPMA. iThis iheads iit's ipriorities ilike iany iother icentral ibank iin ithe iworld. iPMA ihas iincessantly iexpended

Great iefforts ito iimprove iand idevelop iits icapacity iin iorder ito ireach ithe isame ihigh istandards iof ioperation ias ithose iin ideveloped icountries. iPMA iconcerns ithat iFinancial iand iBanking isector iin iPalestine iare iable ito iface iany irisks ior ivulnerabilities ithat iwill iaffect inegatively ithe igrowth iand idevelopment iof ithe ieconomy.

Although ithe iattainment iof imonetary istability iis ilinked iwith ithe iissuing iof ia inational icurrency, ithe iPMA iexerts irelentless idetermination iin ifinding ia ipath ito istability iin iPalestine. iThey ido iso iby iconducting ipractical ioperations iand idistributing ithe inecessary ianalytical iand iinformative iframeworks ifor ithe iformulation iand iimplementation iof ia imonetary ipolicy. iThis isection isheds ilight ion ithe iimportant iprocedures iand iefforts ithat ithe iPMA iemploys iin iorder ito iachieve imonetary istability iin iPalestine. i

i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i iThe iPalestine iMonetary iAuthority i(PMA) iis ian iautonomous iorganization itaking icharge iof ithe iusage iof imoney iand imanaging iaccounts; ito ikeep iup ivalue idependability iexpansion; iencourage ibudgetary isteadiness; idefend ithe isaving imoney isegment iand iadvance ireasonable idevelopment iof ithe inational ieconomy. iPMA iattempts ito iaccomplish ithese iobjectives ithrough ithe idevelopment iand iexecution iof ifinancial iapproach iintended ito iguarantee ilow iexpansion iand iaccomplish ivalue isolidness. iPMA iworks iby ia idemonstration iof ithe iPalestine iLegislative iCouncil's iPMA

Law iNumber i(2) iof i1997, iwhich istipulated ithe ibest ipossible iexpert iand iself isufficiency iof ithe iPMA iand ithe iBanking iLaw iNumber i9 iof i2010. iPMA iattempts ito imaintain ieconomic idevelopment iand ienhance ithe ibanking isector iinto ithe iprovincial iand iglobal ieconomy. iThe iPMA ihas iissued ia icompany iGovernance iCode ifor ibanks ito iguarantee ithat ibanks iacquire iand iactualize isound ibanking imanagement irehearses iand isooner ior ilater imaintain iup iopen iconsider iand iagree iwith iin ithe iPalestinian icoping iwith ian iaccount idepartment. iThe icode ihas ibeen iset iat ian iextraordinary iexpectation, iregular iwith ithe iglobal icommonplace iapproaches. i(PMA, i2016)

i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i iBanks iare iplaying ia icrucial irole iin isocio-economic iprogress iof ia icountry. iThey iare idominant iin ievery icountry. iEvery ibank ihas ito igone ithrough ia ifascinating iphase ithat ibrings irapid ichanges iin ithe ifinancial isector ireforms, iwhich iare ibeing iimplemented iin ia iphased imanner. iThey iprovide ifunds ifor ibusiness ias iwell ias ipersonal ineeds iof ithe iindividuals. iThey iact ias ian iintermediary ibetween ipeople ihaving isurplus imoney iand ithose irequiring imoney. iThey ifacilitate ibusiness itransactions ithrough ireceipts iand icheques iinstead iof icurrency. iIt iperforms ifinancial iservices ithat ireduce ithe icosts iof imoving ifunds ibetween iborrowers iand ilenders, ileading ito ia imore iefficient iallocation iof iresources iand ifaster ieconomic igrowth. iThey iallocate ifunds ifrom isavers ito iborrowers iin ian iefficient imanner. iThey iprovide ispecialized ifinancial iservices, iwhich ireduce ithe icost iof iobtaining iinformation iabout iboth isavings iand iborrowing iopportunities. iThese ifinancial iservices ihelp ito imake ithe ioverall ieconomy imore iefficient. iThe ibanking isector iuse ito iface itransformation istage iof ievery ibank ithat ibrings ian iopportunity ito iconvert iinto ia isound, istrong iand ivibrant isystem icapable iof iplaying iits irole iefficiently iand ieffectively ion itheir iown iwithout iimposing iany iburden iin ithe ieconomy. i      

PMA icontinued iits iefforts iin i2018 ito ibring ithe ielectronic iclearing isystem iinto ioperation. iTo ithis iend, iInstructions i(7) ifor i2018 ion

Electronic ichecks iclearing iwere iissued iin iaccordance iwith ithe ibest ipractices iin ithe ifield iof ielectronic ichecks iclearing. iThe iterms iand imechanisms iof ilinking ibanking isystems iwith ithe ielectronic iclearing isystem iwere ialso idefined, iin icooperation iwith ibanks, iand ithe ipreparation iof irequired idocuments isuch ias ithe irequirements iand imechanisms iof ithe isystem’s iwork iand ithe ipolicies iof ithe iPMA iin iparticular iand iother idocuments.

Procedures iand imechanisms ifor iclearing ichecks iwith iold ispecifications iwere ialso ideveloped ithrough ithe ielectronic iclearing isystem, iand icomprehensive isystem ichecks ihave ibeen icarried iout iwithin ithe iPMA ias iwell ias iwith ibanks, iin iaccordance iwith ithe iplan ideveloped iby ithe iproject imanagement. iBanks iwere itrained ion ithe isystem. iThe iproject iis istill iunder iway, iand iexpected ito ibe iofficially ilaunched iin ithe icoming iperiod.

It iis iworth imentioning ithat iPMA ihas ibeen ikeen ito ihold iawareness icampaigns ifor ithe ielectronic iclearing isystem iby iorganizing ia inumber iof iworkshops iin iRamallah, iGaza, iNablus, iTulkarem iand iHebron. iThese ioffers iwill ibe icompleted iin ithe irest iof ithe icountry iin ithe icoming iperiod. iBanks iwere ialso iurged ito iimmediately istart icommunicating iwith itheir icustomers ito ireplace iold ichecks iwith inew iones iwith isecurity iand itechnical ispecifications ifree iof icharge.

In ithe isame icontext, imany iseminars ion ielectronic iclearing iwere iheld ifor imany iparties isuch ias ieconomic ijournalists, isome iuniversities iand iwomen ientrepreneurs iin icollaboration iwith iBank iof iPalestine. iOther iseminars iwill ibe iheld iin ithe icoming iperiod ifor imany idifferent ientities iand isectors ito iraise iawareness iof ithis isystem iand ithe ieconomic iimplications iof iits ilaunch ion iall ieconomic isectors iand icitizens