December 2009


Main reports: A new Code of Corporate Governance has been launched by the Palestinian Capital Markets Authority (PCMA) and the National Committee for Corporate Governance. All companies are expected to follow the code. The PCMA will provide expertise and advice about the code.

The export of flowers from the Gaza Strip to the Netherlands resumed on 10 December 2009. 37 million flowers are expected to be exported over the next six months, raising revenue of approximately $8m.

Unemployment in the Palestinian Territory rose from 22.2% in Q2 2009 to 25.8% in Q3 2009 (according to the ILO definition) but fell from 27.5% in the same period last year (Q32008). Unemployment in Q3 2009 in the West Bank was 17.8%; in Gaza it was 42.3%.

Following $300m of losses in the last two years, the Palestinian Monetary Authority (PMA) has made foreign currency exchange brokers illegal in the West Bank. Banks can still carry out foreign exchange transactions for their customers and their own portfolios. It remains legal for individuals to trade foreign currency through the internet or foreign brokerage firms.