The Palestine Monetary Authority (PMA) has reported a cash liquidity crisis in the Gaza Strip due to the disruption of banking operations caused by ongoing Israeli attacks. Many banks have been destroyed, and residents are facing extortion by unlicensed currency exchange shops.
According to the PMA, the majority of ATMs in the region have gone out of service, intensifying the liquidity crunch. The disruption in banking operations is due to bombings, power outages, and security concerns, making it impossible to open remaining bank branches.
Residents of the Gaza Strip have reported extortion operations by individuals, traders, and unlicensed currency exchange shop owners, who charge high fees on withdrawals. The PMA has warned that immediate deterrent measures will be taken against those engaging in such behavior.
The PMA is actively monitoring the situation and has stated that efforts to address the cash liquidity crisis in the Gaza Strip are underway. The ongoing conflict has created significant challenges for residents in accessing essential financial services, and the authority is working to find solutions to alleviate the crisis.
