Hebron - Together - Report: Muhammad Al-Awewi - Citizens, from segments of workers and workers in the public sector, called on the Palestinian Monetary Authority to intervene urgently, and to take preventive measures to protect them from the current and upcoming economic and social shocks.
One of them said, and refused to reveal himself: “I fear that the current situation will continue for several months. I have lost my source of income, and for the second month in a row, my checks have returned, and I do not know how I will pay my debts.”
He explained that he was working in the lands of 1948 and the conditions were good before the war, so he furnished his house using checks. He added: "The furniture merchant understood my circumstances last month, and began demanding his money from me. It is his right, but I lost my job, and the checks will come back.."
Ahmed, a public employee, has the same problem. His check was returned this month because he did not receive his salary from the government.
He said: “The Ministry of Finance has not yet determined the date for disbursing salaries, and the bank has deducted 60 shekels on the returned check. I ask the Monetary Authority to instruct the banks not to return employee checks and deduct 60 shekels, and to wait until the salaries are disbursed.”
The worker and employee, Ahmed, represents a wide segment of Palestinian society, which has entered into an economic shock, which will be followed by a social shock, and they hope that the Monetary Authority will help them overcome this difficult stage due to the war.
A banker expressed his concern that the Monetary Authority is issuing instructions regarding bounced checks at the present time, as it will harm the economy.
This banker, who refused to reveal himself, added: “The Monetary Authority made a mistake in dealing with the issue of bounced checks during the Corona pandemic, and it harmed the national economy, and I do not think it will repeat the situation again.”
He said: “During the Corona pandemic, the Monetary Authority’s decision was negatively exploited by many bank customers, and this harmed the banking sector. If the Monetary Authority takes decisions or measures regarding returned checks, they must be in accordance with specific, clear standards, and for a temporary period of time.”
For his part, the economic advisor and member of the Hebron Governorate Chamber of Commerce and Industry, Ahmed Hassouna, said that the issue of bounced checks worries many workers, merchants, employees, and economic stakeholders alike.
He added that the Monetary Authority should take the necessary measures through consultation with the Association of Banks, the Federation of Chambers and the General Union of Labor, and these measures work to reduce the shocks that have occurred in all segments of Palestinian society and the various economic sectors.
He said: “In light of the continuation of the war, the affected segments have expanded, and there is no harm in the Monetary Authority taking temporary decisions, including stopping the use of the points system for returned checks for segments of workers and employees in the public service, and other affected sectors, and stopping taking the returned check commission of 60%.” Shekels. I believe that through consultation between the competent and relevant authorities, preventive measures that protect everyone will be reached.”
On October 25, 2023, the Palestine Monetary Authority issued instructions to banks operating in Palestine, in the context of seeking to mitigate the economic effects resulting from the repercussions of the war on Gaza. All of these instructions spoke about loans, in detail, and checks returned in the Gaza Strip, and did not It addresses bounced checks in the West Bank.
According to observers, the national economy has shrunk in the West Bank, due to isolation measures between cities, towns, villages and camps, implemented by the occupation government in the West Bank.
Source: Maan News Agency