Cash Crisis in Gaza: Reopened Banks Have No Money

Following the recent ceasefire in Gaza, many residents are facing a severe liquidity crisis as newly reopened banks have no cash for withdrawals.

Although banks, many of which were damaged during the conflict, began operating after the ceasefire was announced, they are primarily conducting electronic business with no cash deposits or withdrawals available.

Gaza residents rely on cash for most daily needs, but Israel blocked transfers of banknotes following the October 2023 events.

The cash shortage is driving people to "greedy merchants" to cash their salaries, where they are charged an exorbitant fee ranging from 20% to 40%.

Shoppers are spending days waiting at banks only to receive small amounts (like 400-500 shekels or $123-$153), which buys little due to "incredibly high prices."

Some, like Manal al-Saidi, are eking out a living by repairing damaged banknotes to afford basic necessities like bread and beans.