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FinancialNews


  • 15-09-11

    Palestine will probably sell first Islamic bonds in Dec

    (MENAFN) Palestine Monetary Authority's governor, Jihad Al Wazir, said that in order to boost the country's economy, in December, the central bank might sell its first Islamic bonds (Sukuk), reported Gulf News. Al Wazir added that the central bank had plans to raise USD50 million in a private placement to local banks and that the bonds might mature in three years. He also said that the Palestinian Authority relied heavily on foreign aid to support West Bank and Gaza Strip's economy, which the International Monetary Fund (IMF) predicted to grow 7 percent this year. It is worth noting that according to the World Bank, the Palestinian Authority's substantial progress in increasing its institutions is being endangered by aid delays and the Israeli security restrains, whereas the dependence on aid cuts confidence that the region can become economically viable.

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