Ramallah, Jan 4 (IANS): The Palestine Monetary Authority (PMA), the Ramallah-based emerging central bank, confirmed that President Mahmoud Abbas has accepted the resignation of its chief Azzam al-Shawwa, who stepped down after assuming the post more than five years ago.

"Azzam Al-Shawa submitted his resignation to President Mahmoud Abbas from his position as Governor of the Monetary Authority for personal reasons, and the President accepted it.

"Al-Shawa thanked the President for his generous patronage and wise guidance during his presidency of the Monetary Authority over the past five years," the PMA said in a Twitter post on Sunday.

However, a Palestinian source said that al-Shawwa had protested a few days ago against a presidential decree that appoints Mohammad Manasra as his deputy without consulting him.

"As a result of this presidential decree, al-Shawwa prefers to leave his position in the PMA and return to his own business," the source said.

Al-Shawwa, the former President of the Bank of Palestine, the largest local bank, was appointed by President Abbas as the PMA chief on November 20, 2015.

Abbas has assigned al-Shawwa's duties to Firas Melhem, a member of the PMA's Board of Directors.