GAZA CITY, Gaza Strip — On Oct. 26, the Palestinian Ministry of National Economy started the process of establishing an oversight department aimed at overseeing the work of currency exchange shops and companies in the Gaza Strip, in a first step of its kind since the establishment of the Palestinian Authority (PA) in 1994. The department will work in full coordination with the Palestine Monetary Authority (PMA).

The establishment of the oversight department aims at organizing the currency exchange profession at a time when exchange shops and companies amount to 600 in Gaza alone, of which only 30-40 are legally registered. Most of these shops and companies operate without the required license from the PMA or the Ministry of Economy.

Based on the Palestinian Companies Law of 1929, several amendments made to it by 2010 as well as Article 3 of Presidential Decree No. 41 of 2016, “No individual shall undertake any money exchange business without obtaining a license from the Monetary Authority.”

Ayman al-Abed, the undersecretary of the Ministry of Economy, told Al-Monitor that the department started its work on Nov. 1, and registration began as of that date for illegal exchange shops and companies in the Gaza Strip and will last for one month. Abed said that the turnout for registration was high so far.