As guns fall silent, Gazans find reopened banks have no cash

Gaza war gave rise to profiteers; banknote transfers remain blocked by Israel; worn out bills are repaired, but cash is in short supply; issue of cash supplies was not included in Trump's 20-point peace plan

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The ceasefire in Gaza has eased the trauma of Israel's air strikes and blockade but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.

Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on Oct.16, six days after the ceasefire was announced. Queues soon formed but people came away disappointed.

"There is no money, liquidity at the bank," said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. "You just come and do paperwork transactions and leave."

People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes along with most other goods following the attack and mass hostage-taking by Hamas-led militants in October 2023.

"Banks are open, Air conditioning is on, but they are mostly doing electronic business, no deposits, no withdrawals of cash," Gaza economist Mohammad Abu Jayyab told Reuters.