A fierce cash flow crisis Pushes Gaza’s economy into the abyss. The Palestinian Monetary Commission (BMA) has warned that the situation has worsened since the beginning of the war on October 7, 2023, as banks have been destroyed since the financial entry was blocked. Total banking system stroke.
The Palestinian Monetary Commission confirmed in its reports The Israeli bomb blast They are constantly due to The destruction of many bank branchesThe rest of the rest could not open due to insecurity and electrical cuts. Most ATMs are out of serviceThis makes the liquidity crisis worse between citizens and businessmen.
Despite the Palestinian and international calls, Israel’s refusal to introduce money in Gaza has worsened. Most The bank’s branches were destroyed Or the blast was damaged, and some were also attacked, which has been withdrawn and disabled deposits.
As a result, Minimum of cash cycle In the market, citizens and merchants have saved money instead of circulation and this has increased the normal currency cycle People suffering In the middle of a severe lack of liquidity.
Almost total decline in the bank system of Gaza: There is only one bank in the service
Gaza’s bank department is Is completely destroyed by war. All bank branches have stopped working, only a local bank branch left in the center of the strip, which works in a very low way to implement frozen or passive accounts, Without providing money withdrawal or deposit services.
Before the war, was Gaza 56 bank branches and 91 ATMs 13 belongs to local and foreign banks (seven Palestinians, five Jordanos and an Egyptian). Currently, the financial infrastructure has been systematically destroyed and the entire sector does not work.
To some of the total assets of the Palestinian Banking Department $ 22,000 million (19,833 million euros), but Gaza is almost isolated from this system due to the interference of all financial and currency channels.
Electronic fees against cash flow and tickets
Thousands of citizens have been forced into an unprecedented cash crisis in the Gaza region Bank applications and electronic wallets To make their daily transactions, it was a shortage of tickets in circulation and the ongoing war.
Ahmed al -Saeed declared: “Electronic wallet has made our only resource Buy essential itemsEspecially when facing the degradation of irreversible paper coins. “” But these solutions are limited because not all stores do not accept electronic allowances, and the prices are usually very high. “
Hard for a difficult mandatory change towards the digital economy
As an emergency, the Palestinian Monetary Authority (PMA) launched a Immediate allowances and transfers Between banks and payment service companies, they cannot access their money in an attempt to free citizens suffering 98% of the destruction of the bank infrastructure The provider is Gaza.
In spite of these efforts, electronic transactions cannot change the collapse currency system Only25% of stores accept electronic allowances. In addition, these stores contain prices of products High cost of 30% to 50% Rather than normal markets. 72% of homes do not have electronic bank accounts.
It is a forced transition towards the digital economy, revealing the severity of the financial crisis in Gaza, where economic life has become a embarrassment between the imperfect solutions An increase in daily sufferingIn the light of the continuous blockade for the entrance of the coin, it is useful.
Transfer Crisis: Up to 40% Commissions
Cash crisis in Gaza has caused forex change A daily dream For citizens and merchants, this is They lose up to 40% of their money’s valueAccording to economist Ahmed Abu Kamar. The roots of the crisis are preceding Israel’s denial Enter money from the beginning of the warIn addition to leaving large -scale money in the first months of war and interrupting the Paris economic norm Regulated cash motion.
Castes face serious problems in making the value of the currency worse The black market extensionWearing tickets have become unacceptable in daily transactions, which has occurred Unprecedented inflation And Loss of Sheckle’s purchase value. In an attempt to alleviate the crisis, Abu Kamar proposes emergency solutions such as international pressure to force Israel to introduce money, Encourage financial additives Find a mechanism for replacing the worst currency by electronic transfers.
AdvertisementHowever, these solutions face great obstacles Bank deterioration98%of closed branches, lack of price restrictions and a black market spreading from the crisis. When the Casters are trying to protect the little value they hold in their money, Suffering increases day by day An economy has collapsed and is full of cash shortages and rising prices, which leaves residents before the unprecedented challenge To meet your basic needs.
Liquid Crisis: Daily Dream
The dentist Haseem Abu Muoylak thus describes the situation: “We are forced to completely change the clinic Bank applications and internal transfersTo escape ‘from the crisis of Takish‘, But it’s not the best solution. “Medical distribution companies refuse to negotiate electronic, which forces them to pay money from 30% to 50%, reflecting on the cost of treatment for citizens.
For his part, the pharmacist for Panna reveals a similar situation: “We face Great difficulties in withdrawal of moneyWith a commission of up to 45%, it forces us to process electronic applications. “Pointing out that this situation has caused a cause Increased drug pricesAt the time of the health department already infected The barrier of Israeli medical products Since March, Israel has resumed its military attacks against the Gaza region.
Mohammed Mahdi, the seller of electronic products, says that it was forced to go to electronic transactions: “It is almost impossible to get a little money.” Food seller Mohammed Daye describes Electronic transfers such as “dead money” It cannot be fully used due to difficulty in turning it into cash.
AdvertisementThe submerged economy, a parallel market
In an attempt to monitor the texts of the Breathless Liquidity Crisis, the ‘EuroNius’ struggled to contact several converters of the Gaza Slot, but they all refused to publish reports on various issues.
“The transfer market is currently operating in Gaza A kind of water -sized economyMost of the functions are carried out informal in fear of being harassed, with special networks in providing strong currency in astronomical prices. “
This is a part of the silence Problems of crisisIn which currency exchange functions They have become a parallel market Despite the daily suffering of the residents of Gaza, it is controlled by invisible forces that refuse to express their secrets.
