As the guns fall silent, Gazans can't get cash from banks

Some pay huge fees to merchants for cash, others use electronic transfers even for eggs

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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 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.