In Gaza, the banks that weren't destroyed in the war have reopened since a ceasefire, but Palestinians are finding long lines and high rates. A shortage of cash, which isn't allowed through Israel's blockade, has left Palestinians victim to wartime profiteers and unable to spend what little money they have.

The U.S-brokered ceasefire deal in Gaza is holding, after Hamas released the remaining Israeli hostages.

Middle East Conflict

Residents of Gaza are facing a deepening cash crisis after two years of conflict, with many forced to repair damaged banknotes to continue daily transactions. The shortage is a result of both physical destruction of currency during Israeli bombardments and restrictions on new banknote transfers following the October 2023 Hamas attack.

With many banks destroyed and strict limits on cash availability, Gazans endure long waits at the few operational branches, often leaving empty-handed. Some have turned to digital payment apps, but high commissions and profiteering by merchants have further strained the population, who have already depleted their savings and sold possessions to survive.

Gazans repair torn banknotes and wait in line as cash crisis deepens

Manala Saeedi repairs people's damaged and old money to earn a meager living and cover what basic needs she can. Two years of war in Gaza have created not only hardship, but also a severe shortage of cash. Palestinians need cash for most everyday transactions in the Strip, whether to buy food or pay utility bills. But Israel blocked transfers of bank notes along with most other goods following the Hamas attack of October 2023. In the war, Saeedi says, Israeli bombardments melted or damaged much of the cash people did have. Since the war began, we have been suffering for two years. This money has melted. Can you see how? I am fixing it and working on it so it can circulate from hand to hand. The merchants are forced to take it from us for less, so this 100 shekels loses 20 shekels of its value. Kogat, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when bank notes may be allowed back in. Many of Gaza's banks have been destroyed. Long lines have formed at those that managed to reopen on October 16, days after a ceasefire was announced. But customers are coming away disappointed, says Iman Al-Jabri. And wartime profiteering is adding to Gazans' problems. Sometimes people don't get their turn. Maybe, though I am standing here, I might not get my turn as well. The procedures are very difficult. Money is very hard to come by. The money that has melted, the merchants are inspecting it thoroughly. And when I try to get from the bank 1,000 shekels, they give me 400 or 500. The commission from the merchants is very high, and the prices are very expensive. Gazans have not only lost relatives, jobs and homes, but they've also used up their savings and sold their possessions to buy food, tents and medicine, compounding the hardships they endure. These days, merchant Samir Namrouti accepts bank notes he can barely recognize. It will get torn and ripped and end up like this. What matters to me is its serial number. As long as its serial number is there, that's it. I treat it as money. Some people use bank transfers through apps to buy even small items like eggs or sugar. But the sellers apply fees. While Abu Fares says going to the bank is usually a waste of time, he gets his salary now through an app that takes commission. The merchants sell you your salary at 30, 35, 40 percent, he says. That's how our lives have become.

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Gazans repair torn banknotes and wait in line as cash crisis deepens

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