WEB DESK: The ceasefire in Gaza has provided a slight relief from the devastation caused by Israel’s airstrikes and blockade. However, a severe cash shortage has left Palestinians struggling to use what little funds they have without falling victim to wartime profiteering.
Banks in Gaza, many of them damaged or destroyed during years of relentless assaults, began gradually reopening on October 16, six days after the ceasefire announcement. However, long queues of residents hoping to access funds often ended in frustration as they left empty-handed.
In Gaza, cash underpins everyday life, enabling people to purchase food, pay bills, or handle other essential transactions. Since the Hamas-led attacks and mass hostage-taking in October 2023, Israel’s blockade has also restricted the flow of banknotes alongside goods, deepening the region’s economic paralysis.
Surging prices and exorbitant fees for digital transactions have made essential items unattainable for many. Those desperate for cash must sometimes pay outrageous commissions—up to 40 percent—to withdraw their salaries through private brokers.
For families already grappling with the loss of homes, jobs, and loved ones, this cash crisis adds yet another layer of suffering.
With local banks unable to operate effectively due to a lack of liquidity, Israel’s COGAT authority, which oversees the transfer of supplies into Gaza, has yet to provide any indication of when cash shipments might resume.
The U.S. peace plan introduced by former President Donald Trump has similarly failed to offer meaningful solutions for easing Gaza’s financial stranglehold.
Without a concrete approach to restoring cash flow or reconstructing financial systems, Gaza risks spiraling into even deeper economic disarray. Some residents have turned to bartering or relying on repaired banknotes to make do, while others resort to costly mobile money transfers for basic purchases.
Though the ceasefire has ushered in a tenuous calm, the ongoing cash crisis threatens to undermine this fragile stability, leaving Gazans caught between aspirations for recovery and the grim weight of their current hardships.
