ISRAEL DESTROYED 93% OF BANK BRANCHES IN GAZA: WORLD BANK

Fri 20 December 2024:

The World Bank has reported that Israeli occupation forces have devastated the banking infrastructure in the Gaza Strip, destroying 93 per cent of operational bank branches over the past 15 months.

The global body also highlighted a broader humanitarian crisis exacerbated by the destruction of 88 per cent of microfinance institutions and a significant portion of ATMs and insurance companies.

Currently, only three out of 94 ATMs remain operational across Gaza, as detailed by both the World Bank and the Palestinian Monetary Authority. The destruction has severely impacted Palestinians’ ability to purchase essential goods and services, including food and medicine. The report emphasises that this disruption to the banking system impedes private sector efforts to resume production, thereby limiting job opportunities and hindering salary payments.

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Freedom of movement and access to financial services have been significantly restricted throughout both Gaza and the occupied West Bank due to ongoing Israeli attacks. By October 2023, 11 local and foreign banks were operating in Gaza with total deposits exceeding $3 billion and facilities valued at $951 million.

The World Bank underscores that access to effective financial services is crucial for personal economic growth as well as overall economic development, especially during crises when digital payment options can provide critical support.

In response to cash shortages during the war, the Palestinian Monetary Authority has introduced an electronic payment system via mobile phones.

Israel is accused of carrying out a genocidal campaign in Gaza and faces charges at the International Court of Justice (ICJ).

-MEMO

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