Portuguese 
English 
Spanish 
4 min of reading 
0 comments 
Amid The Bank Collapse And The Lack Of Notes In The Gaza Strip, The Manual Work Of Restoring Banknotes Sustains Families And Reveals The Impact Of The Israeli Blockade
In a bustling market in Gaza City, Baraa Abu al-Aoun set up a small table to carefully work on the notes that come to him. The young man flattens bills, reinforces fragile edges, and enhances faded colors because many of them are almost unusable. The service started when he had to leave university during the war.
See Photos Here
The activity became his only source of income. He uses only a ruler, pencil, colored pencils, and glue. The process is simple but requires attention. Every detail matters because the money available in the region is scarce.
Lack Of Cash Creates A New Market
Repairing banknotes has become a growing business in the Gaza Strip. This happened because Israel halted the shipment of physical notes after the Hamas attack in 2023. In addition, other supplies were also blocked.
-
Spain challenges the USA and closes its airspace for operations against Iran, raising global tension and provoking the threat of a trade rupture.
-
While no other country manufactures tanks in Latin America, Argentina activates the TAM 2C-A2 and raises a curiosity about the technological lag in the region.
-
A Russian ship with 730,000 barrels of oil has just arrived in Cuba while Mexico negotiates fuel sales through private companies: the communist island is desperately seeking alternatives after losing its supply from Venezuela due to American military action.
-
Iranian drones and missiles destroyed a 270 million dollar American spy plane in Saudi Arabia, splitting the E-3 Sentry aircraft in half and injuring 12 military personnel in an attack that exposes the vulnerability of U.S. bases in the Persian Gulf.
Without replenishment, money began to disappear. Circulation virtually stopped, leaving residents without the basics.
Destroyed Banks Make Access Even More Difficult
A large part of Gaza’s banking network was destroyed by Israeli bombings. Agencies were looted, and essential structures ceased to function. Even after seven weeks of ceasefire, no ATMs were reactivated, according to BBC data.
Some banks reopened, but with highly limited services. Operations are few and slow, which exacerbates the financial crisis in the territory.
Without enough banknotes, residents turned to informal money changers. These intermediaries convert digital transfers into cash. Commissions reached 50% and now hover around 20%.
The difficulty of accessing cash forced the use of apps, digital wallets, and alternative exchange methods.
Each Damaged Note Becomes A Valuable Asset
With physical money practically depleted, any bill, even torn, has become valuable.
In this scenario, Baraa’s work has become essential. He states that the ceasefire has not brought economic improvement. Furthermore, he explains that his service exists to keep the notes in circulation.
The UN reported that the entire population of Gaza has been pushed into poverty. More than 2 million people face severe hardships. According to UNCTAD, four out of five residents are unemployed.
Even those who receive a salary face obstacles to accessing funds due to the partial collapse of the financial system.
Israel Maintains Blockade For Security Reasons
According to the BBC article, Israel confirms that it continues to prevent the entry of cash. Authorities claim that Hamas relies on banknotes to finance military operations.
The Palestinian Monetary Authority estimates that US$ 180 million was stolen from bank vaults during the looting early in the war.
Money Crisis: Scarce Change And Rising Inflation Affect Commerce
With few notes available, merchants avoid accepting torn bills. The lack of change has become severe. 10-shekel coins have nearly disappeared from the market.
Sellers report difficulties even for transportation change, while prices rise rapidly.
Queues And Long Trips To Try To Resolve Banking Issues
At the Bank of Palestine, queues form daily. Customers can only reactivate frozen accounts, open new accounts, or access banking apps. Many services remain unavailable.
In cities like Khan Younis, residents need to travel to Gaza to seek assistance.
Many times they return without resolving anything.
Money Changers Adjust Commissions According To The Arrival Of Goods
Small businesses that previously only conducted electronic transfers have started converting digital amounts into cash.
- They charge high commissions.
- Rates vary according to the flow of goods.
- When transportation stops, the commission increases.
- When goods arrive, it decreases.
Digital Wallets Become An Alternative For Basic Purchases
To try to reduce the problem, the Palestinian Monetary Authority launched an instant payments system. It works between local bank accounts. The Bank of Palestine also distributed electronic wallets.
More than 500,000 residents are already using the system. Transactions can even be done via SMS, without the internet, which eases the routine amid the collapse.
International Aid Also Depends On Digital Wallets
Humanitarian agencies use these wallets to distribute aid. UNICEF and the World Food Programme send money directly to families. Since last year, UNICEF claims to have benefited around one million people. Half of them are children.
According to the agency, 99% of the resources are first used for food and water.
Food Prices Reach Unreachable Levels
With high inflation, families report extremely high prices. Two kilos of tomatoes cost US$ 80. Five kilos of onions reach US$ 70.
Even with assistance, foods like meat, fruits, and eggs remain out of reach.
Baraa Continues The Work Of Repairing Money While Waiting For Normalcy To Return
In the market, Baraa serves customers attracted by the sign that promises repairs “with high professionalism and without duct tape.” He analyzes each note against the light, identifies cracks, and reinforces edges.
He then returns the bill ready to circulate in an almost non-existent system.
Despite the intense movement, he wishes to resume his studies. Baraa says that all his current work is merely survival. He states that he is hoping for relief and a normal life.
With information from BBC.
-
Uma pessoa reagiu a isso.