Palestinian legislative council recommends the resignation of Monetary authority chief

Following a voting yesterday, the Palestinian legislative council recommended the resignation of the chairman of the monetary authority ( the central bank ) Amin Haddad, criticizing his way in dealing with a stumbled private bank issue that falls under the control of the monetary authority in 1999, but Haddad said he does not intent to resign.

However, the final decision over the fate of Haddad as a chairman for the monetary authority which supervises the banking sector in the West Bank and Gaza goes back to President Yasser Arafat.

The Palestinian legislative council decided to remove Haddad with the consent of 38 parliamentarians against two opposition members. Haddad said " I was not appointed by the legislative council.. I will stay as far as ( Arafat ) wants me to stay."

Haddad was strongly criticized over the way he had treated the question of the bankrupted Palestine International bank which was controlled by the central bank in 1999 before Haddad had assumed his post. The monetary authority removed the Bank's board council after accusing one of the bank's owners of stealing millions of US dollars. The owner who fled to Qatar after an order of arrest against him was issued, denies these accusations.

The chairman of the Legislative council Rohi Fattouh said that he expects Arafat to agree to " the decision " and to appoint a new chairman for the central bank.