Gaza Cash Crisis: Repairing Damaged Money Amidst Blockade and Wartime Profiteering

Gaza's Deepening Cash Shortage

• 💔 Damaged and old money is being repaired by individuals like Manala Sayed to facilitate everyday transactions in Gaza.
• 🚫 Israel's blockade, imposed after the October 2023 Hamas attack, has restricted the transfer of banknotes and other essential goods.
• 💥 Bombardments have melted or damaged much of the cash people possessed, leading to significant loss of value.

Reopening Banks and Customer Disappointment

• 🏦 Many banks in Gaza have been destroyed, and those that reopened on October 16th are experiencing long lines with customers often leaving without sufficient funds.
• 📉 Merchants are forced to accept damaged currency at a reduced value, with a 100 shekel note potentially losing 20 shekels.
• ⏳ Customers face difficulties getting their turn at the banks, and the procedures are described as very difficult.

Wartime Profiteering and Financial Hardship

• 📈 Wartime profiteering exacerbates the cash crisis, with merchants applying high commissions and prices.
• 💰 When trying to withdraw 1,000 shekels from the bank, customers may only receive 400 or 500.
• 💸 Some individuals resort to bank transfers for small purchases, but sellers apply additional fees, and salary recipients face commissions of 30-40%.
• 🛍️ Gazans have depleted savings and sold possessions for necessities like food, tents, and medicine due to the compounded hardships.