RAMALLAH, April 08, 2007, (WAFA)-A New York court has ordered $30 million in Palestine Monetary Authority(PMA) funds unfrozen and allowed it to resume operations in the United States.

At a press conference held in Ramallah, Palestine Monetary Authority's Governor, George al-Abed said the Supreme Court of the State of New York's decision has cleared the way for the Palestine Monetary Authority to carry out functions as the Palestinian central bank.

The Supreme Court of the State of New York said that the Palestine Monetary Authority is a separate entity from the Palestinian Authority and the money in its name should be released.

"We're very, very pleased it's over," the Palestine Monetary Authority's Governor.

The Governor added that the PMA will now proceed to reengage in its full range of statutory responsibilities of safeguarding monetary and financial stability and promoting economic growth.

He affirmed that the PMA is now free to operate in dollars in the U.S. and elsewhere.

M.H.(10:15 P)(07:15 GMT)