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Accounting

2. What are the major obstacles facing the PMA and PCMA and in their effort to regulate the financial and banking sectors?

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Institutions in relation to public finance management and monetary, banking and financing sectors: PNA incorporated two bodies to supervise and regulation the finance sector: PMA (Palestinian Monetary Authority) for operations of the banking sector, and PCMA (Palestinian Capital Market Authority) for operations of the non-banking sector.

Obstacles facing by PMA and PCMA:

These authorities faces several difficulties and challenges:

  • The Israeli occupation and measures imposed on banks and banking sector, especially in the Gaza Strip.
  • Internal political crisis in Palestine as well as division between the West Bank and Gaza Strip.
  • Dysfunction of the Palestinian Legislative Council (PLC) has impeded promulgation of a set of laws that are important to the PMA’s Transformation Plan.
  • Global financial and economic crisis.