FINANCIAL NEWS

Palestine to issue USD50m Islamic bond

08 Jun 2011

(MENAFN) The Palestine Monetary Authority’s governor, Jihad Al Wazir, said that by the end of the quarter the authority would issue a USD50 million Islamic bond, its first one, reported The National.

Al Wazir added that the authority, which controlled eighteen banks in the Palestinian territories, would aim to expand its financial markets since it would raise flexibility within the banking system.

He also said that the current public debt reached USD970 million, adding that in the coming months, the authority would expect more debt issues since it would seek to securitize its existing debt burden. On the other hand, the latest issue would be denominated in US dollars, with a five years tenor.

It is worth noting that this year, the unrest in the Middle East reduced investment flows in some economies since investors retreat from signs of trouble. Moreover, uncertainty linked to Palestinian political elections this year would probably postpone some investments.

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