DayofPal-The World Bank reported that Israeli occupation forces have severely damaged the banking infrastructure in the Gaza Strip, with 93% of operational bank branches destroyed over the past 15 months of unprecedented Genocide.
The report also reveals a broader humanitarian crisis, worsened by the destruction of 88% of microfinance institutions, as well as a significant number of ATMs and insurance companies.
Currently, only three out of 94 ATMs remain functional across the Gaza Strip, according to both the World Bank and the Palestinian Monetary Authority.
This widespread destruction has greatly affected Palestinians’ ability to access essential goods and services, including food and medicine. The report highlights that the disruption of the banking system has hindered private sector recovery, limiting job opportunities and preventing the payment of salaries.
Ongoing Israeli attacks have severely restricted freedom of movement and access to financial services in both Gaza and the occupied West Bank. By October 2023, 11 local and international banks were operating in Gaza, with total deposits exceeding $3 billion and assets valued at $951 million.
The World Bank emphasizes that access to reliable financial services is essential for individual economic growth and broader economic development, particularly in times of crisis when digital payment methods can provide vital support.
To address cash shortages during the war, the Palestinian Monetary Authority has implemented an electronic payment system via mobile phones. However, the cash crisis remains one of the roadblocks that hinders the buying-selling operations with the public.
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