The ongoing conflict in Gaza has led to severe economic challenges, particularly concerning the availability of banknotes. With banks closed for months and the flow of new currency halted, residents have resorted to using worn-out banknotes, complicating business transactions and increasing the risk of counterfeit currency. According to a report by Yedioth Ahronoth, many individuals have begun a new trade of cleaning and repairing these old banknotes to keep them in circulation. This situation has resulted in a unique market where residents pay small fees to restore the usability of their cash, highlighting the desperate economic conditions in the region.
Local traders have expressed their frustration over the lack of usable cash, with some refusing to accept the deteriorated banknotes. Vegetable seller Mohammed Ghazi emphasized the dire situation, stating, "The banknotes are used so much that they rot, and I refuse to accept them." Meanwhile, currency exchange shop worker Mahmoud Abdel Nabi has taken it upon himself to clean thousands of shekels daily, illustrating the lengths to which residents are going to maintain some level of economic activity.
Economist Munir al-Sayyid has warned that the economic consequences of this situation could be dire, particularly for those in the northern regions of Gaza where commercial activity has nearly ceased. He argues that the only viable solution is to reopen the banks and inject new currency into the market, which would help stabilize the economy and restore confidence among residents.
- The situation in Gaza is exacerbated by the ongoing conflict, which has led to significant restrictions on economic activities. The absence of new banknotes not only affects daily transactions but also poses a risk to the overall economic stability of the region. The emergence of a cleaning service for old banknotes reflects the resourcefulness of the Gaza population but also underscores the urgent need for a sustainable solution to the currency crisis.
