Are banks operational in Gaza? And how do we deal with cash flow?
The targeting of the occupation against the banking and financial systems in the Gaza Strip, the destruction of dozens of exchange offices and ATMs, the prohibition of financial transfers to Gazans, and the absence of regulatory oversight from the relevant authorities have led to chaos and the dominance of banks and exchange offices, resulting in an increase in the financial discount as commissions on the amounts that Palestinians there seek to obtain in cash.
So as not to get away from the main topic of this post, let's focus on answering these two questions directly.
How is that, Mahmoud? Explain.
Yes, all banks in Gaza have shut down their headquarters since the war broke out, and it's not possible to contact their employees to complete certain transactions.
But banks operate digitally through some official apps, mainly Bank of Palestine since its headquarters is in Ramallah and not Gaza, so it operates normally.
So you're saying the banks are closed does that mean ATMs are, too? How do you withdraw your money?
Let's say Mahmoud needs to withdraw 100 dollars in cash. He goes to one of the known traders in Gaza and says "I need 100 dollars in cash, how much is commission?"
Commission differs from one trader to another. It comes down to their personal desire. For example on the day of writing this post, dated 4/12/2024, commission for cash withdrawal has reached 30% of the amount withdrawn.
In other words, if I had 100 dollars in my bank account, I need to pay 30 dollars to the trader, and receive 70 dollars in cash. So, the price of converting bank credit to cash is 30% of that amount.
Meaning if I had 1000 dollars, I receive 700 dollars instead. Imagine that level of injustice, despair, and despotism.
When you receive money from outside of Palestine, the trader also keeps 30%.
But there's nothing we can do. We have no choice but to accept these terms, just to be able to eat and drink and go on with our daily needs.
On the other hand, prices of goods are astronomical. I am not exaggerating when I say that if a person in Gaza has unlimited money it still wouldn't be enough.
The smallest of families need 100 dollars a day just to get by with the bare minimum.
Help us to provide food for today and feed our children in the midst of this famine.
Only $350 left to reach the short-term goal of $22,000
