Since the first moments of the announcement of the emergence of the Covid-19 virus in Palestine, and based on the decision of His Excellency the President in declaring a state of emergency in Palestine, and the competent authorities taking all necessary measures to confront the risks resulting from the Covid-19 virus, and to protect public health, and the directions of the Palestinian government to confront the Covid-19 virus, and in accordance with the Capital Market Authority Law number (13) of 2004, the PCMA began taking all necessary measures to address the effects of the pandemic, and in coordination with the relevant authorities. The PCMA also circulated that all precautionary measures issued by the competent authorities should be taken to confront the Corona virus on all sectors subject to its control and supervision, which included: the Palestine Stock Exchange, Securities Companies, Insurance Companies, Financial Leasing Companies, Palestine Mortgage Finance Company.
The PCMA has started early by taking several measures to monitor and mitigate the pandemic, and to ensure the continuity of operations, including measures relating to the personal safety and health of its employees and their families, as well as procedures to enable remote work by creating and activating a virtual work environment, in addition to following various government policies and procedures, noting that all employees of the PCMA have received the necessary Covid-19 vaccinations.
The Covid-19 pandemic was accompanied by economic pressures that affected all countries, the most important of which was the lack of liquidity for various reasons, including the decline of some economic activities, the reluctance of large segments of debtors to pay their instalments, and the difficulty of international exchange procedures, and therefore the interventions of the banking system emerged by pumping money into the wheel of the economy. At the PCMA level, measures have been taken to carefully manage and provide the necessary liquidity to meet the PCMA’s obligations, and the PCMA’s management closely monitors cash flows and forecasts in a timely manner to maintain reasonably adequate liquidity during this period and beyond.
Business Continuity Planning
The PCMA is closely monitoring the situation, and has implemented crisis management measures to ensure the continued safety and security of the PCMA’s employees, and the provision of services without interruption. Safety and health measures for the PCMA’s employees have been implemented, such as social distancing and remote work.