Central Banking

PMA gains new authority over payments systems

jihad-alwazir

A decree law passed by Palestinian president Mahmoud Abbas has granted the Palestine Monetary Authority (PMA) the power to launch a national system for clearing and settling payments.

The new system gives the central bank scope to introduce a centralised system for settlement of financial transactions and automated clearing. This, the PMA said, would result in a "drop of costs, saving of time, and the development of new methods and systems that will enable banks to provide modern e-banking

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