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PMA: "Second Banking Week" had a Positive Impact on Increasing Awareness of Target Groups.

PNN Results of the survey conducted by the Palestinian Monetary Authority (PMA) showed that the "second Banking Week" for youth and children (which was organized and took place in both the West Bank and the Gaza Strip during the period from March 16th -21st, 2013) had a significant and tangible positive impact on the target groups, in terms of increased banking and financial awareness. The survey aimed to gauge the Banking Week's impact on the increased banking culture and awareness of youth and children; through measuring the increase in the amount of banking and financial information which they've acquired. The survey has been distributed on 1409 male and female eight grade students in the West Bank. Dr. Jihad Al-Wazir, PMA Governor, expressed his satisfaction with the survey results; which illustrated - through scientific effort - that the objective behind organizing the Banking Week (for youth and children) has been achieved. This will reflect positively on the progress of the banking system, and on the economic development in Palestine as well. Dr. Al-Wazir, explained that the PMA is steadfast in spreading banking awareness among all segments of society; through the most modern and effective methods. The survey consisted of 13 questions - the pre and post answers of which - reflected an increase in financial awareness, particularly among the student segment. The percentage of positive change towards the role played by the PMA (as a regulatory authority responsible for organizing banks' operations) was 41.7%. Percentage of positive change in knowledge regarding the existence of a bank or a financial institution in the neighborhood was 45%. Percentage increase in the awareness and knowledge with regard to the nature of banks operations was 39.1%. Percentage of differentiating between commercial and Islamic banks was 40.6%. Banking culture related to currencies exchanged in Palestine, increased by 26.6%. Finally, recognition of the Palestinian Pound as the historic Palestinian currency has increased by 26.3%. The survey also illustrated how the banking education - offered by the PMA - has contributed to the promotion and development of the youth (future generations) and their parents' awareness; that this growth in awareness increases with each new held event. It's noteworthy to mention, that the PMA won an international award for "best activity held in the Middle East," for its role in organizing the youth and children's Second Banking Week. The award was granted by the "International Finance Corporation (IFC)" to promote financial awareness among children and young people; in a grand ceremony that was held in Istanbul, Turkey last month.

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Publication:Palestine News Network (West Bank, Palestine)
Date:Jun 24, 2013
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