Palestine Banking delegation visits NY Federal Reserve, Banks

PNN/ Bethlehem/

Azzam Shawwa Governor of the Palestine Monetary Authority (PMA) with a delegation of General Managers of several banks operating in Palestine and officials from the PMA met with senior officials from the New York Federal Reserve and US Correspondent Banks of Citibank and Bank of New York Melon. Discussions focused on strengthening existing relations between Banks operating in Palestine and US correspondent Banks and other issues of mutual concern.

The New York meetings were part of a larger mission by the Delegation to the United States that commenced on June 13 th in Washington DC, with meetings with senior Administration officials from the White House, the US State Department, the US Treasury Department, senior members of the US Congress in both the House and Senate and key executives from the World Bank Group and IMF.

The delegation informed key US Administration officials and Members of Congress about the overall soundness and stability of the Palestinian banking sector and the sector’s compliance with international banking and financial standards, including the recently enacted Anti-Money Laundering and Combating of Financing Terrorism laws.

This Mission to the US to create awareness of the Palestinian Banking Sector is a continuation of the awareness campaign commenced by the PMA several months ago in several Arab and regional countries, by visiting several central banks in Algeria, Bahrain, Kuwait, UAE, Jordan, Egypt, and Saudi Arabia and Holland. The PMA plans to continue this mission into the latter part of the year to include Europe and Latin America.