US EditionAs the guns fall silent, Gazans find newly-reopened banks have no cash
Banks reopened six days post-ceasefire but without cash due to Israeli blockade, forcing Gazans to rely on costly electronic transfers and bartering, with fees up to 40%, officials said.
- On October 16, banks in Gaza reopened six days after the ceasefire but lacked cash liquidity, forcing most transactions to be electronic and disappointing customers.
- Following the October 2023 Hamas-led attack, Israel blocked transfers of banknotes into Gaza, and COGAT, arm of the Israeli military, did not immediately respond on when they may be allowed back.
- Some Gazans earn 20 or 30 shekels repairing banknotes, while Iman al-Ja’bari gets only 400 or 500 shekels after long waits, and merchants charge fees up to 40%.
- The cash shortage has compounded Gazans’ humanitarian crisis as Gazans who lost relatives, jobs and homes exhaust savings and face wartime profiteers making essentials unaffordable.
- Some Palestinians are relying on barter as cash dwindles, sellers add fees to small electronic transfers, and US President Donald Trump’s 20-point peace plan omitted cash supplies, leaving a policy gap.
12 Articles
12 Articles
Cash shortage deepens Gaza’s economic despair as residents pay heavy fees to access their own money
A shortage of cash in Gaza has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers. Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on October 16, six days after the ceasefire was announced. Queues soon formed but people came away disappointed. "There is no money, liquidity at the bank," said father-of-six…
Gaza's Cash Crisis: A Struggle Beyond Ceasefire. Despite a ceasefire in Gaza easing the impact of air strikes, Palestinians face a cash shortage.
As the guns fall silent, Gazans find newly-reopened banks have no cash
The ceasefire in Gaza has eased the trauma of Israel's air strikes and blockade but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Gaza’s Ceasefire Brings Calm, But No Cash as Banks Reopen Empty
As guns fall silent after two years of devastating war, Gaza’s residents are facing a new kind of hardship there is no cash to spend. Banks reopened on October 16 after the ceasefire, but most branches have no liquidity. Many were damaged or destroyed during Israeli airstrikes and can now only handle electronic transactions. Long […] The post Gaza’s Ceasefire Brings Calm, But No Cash as Banks Reopen Empty appeared first on Modern Diplomacy.
As Guns Fall Silent, Gazans Find No Cash In Newly-Opened Banks
The ceasefire in Gaza has eased the trauma of Israel's air strikes and blockade but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
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