According to the Financial Times, in cash-dependent Gaza, bank staff have been secretly emptying banks and transferring cash to ATMs.
An unusual convoy of cars was staged in northern Gaza during last week’s cease-fire, as around 180 million Israeli shekels in cash were transported through the ruins. A British business magazine reported on the matter Financial Times.
A stack of Israeli banknotes worth 50 million dollars weighed almost a ton. They had been stored in two Bank of Palestine branches in an area where there are no ATMs.
A growing cash shortage in southern Gaza prompted Palestinian central bank officials to act. It was important to prevent the collapse of the economy with a carefully guarded operation called “ConOps-Gaza”, which the UN also participated in planning.
According to the Financial Times, during the war, bank staff in Gaza have had to secretly transport money from bank vaults in private cars and thus replenish empty ATMs located in relatively peaceful areas. During the war, it has not been possible to drive valuable transport vehicles to southern Gaza.
Up to 81 percent of Gazans are poor
The United Nations (UN) is warnedthat the consequences of the Gaza conflict may delay the development of the Palestinian territories by more than ten years.
According to the UN, even before the war, up to 81 percent of Gaza’s population was classified as poor and had to rely on international aid.
ATMs are used by those who receive support from outside Gaza or who work as civil servants. Compensations and grants for war injuries or deaths are also paid into the accounts. However, payments and salaries have come late or they have been paid sporadically.
The Palestinian Territories depend on Israel for their labor and goods markets, as well as basic services such as water and electricity. Israel has blockaded Gaza since 2005. More than half of Gaza’s 2.3 million inhabitants live in poverty.
Last year, Palestine’s GDP was just over $20 billion, while Israel’s GDP was nearly $500 billion.
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