In light of the lack of money and the “damaged currency” the Kazans are being exploited by the “big bosses”.
“Money changers” or what some call “money magnates” are clearly exploitative, insisting on receiving high financial commissions in exchange for money transfers, which almost every Kazan is forced to do due to lack of money transfers. Aqueous mass.
Banks have been completely shut down in the central and southern parts of the Gaza Strip for about two weeks, while banks in the northern parts of the Gaza Strip have been shut down since the middle of the second month. Devastating war has made people vulnerable to exploitation over time.
Occupation forces deliberately targeted banks operating in the Gaza Strip, apparently targeting and blowing up ATMs as part of a war targeting the Palestinian economy, and even banks affiliated with the Palestinian Monetary Authority in Ramallah.
Ramadan al-Mallahi (age 41), a civil servant who works for the Palestinian Authority and lives in Gaza City, said that he was forced to collect his salary a few months ago and a few days before Eid al-Fitr. Money changers with financial liquidity in exchange for a commission that reaches 20 percent. He added to Asharq Al-Awsat: “Clear and disgusting exploitation. But nothing can be done.”
Alaa Abu Musa (age 27), a resident of Jabaliya in the northern Gaza Strip, said he was forced to pay a 20 percent commission to money changers after receiving a money transfer from his brother in Turkey. 5 percent commission in Istanbul. He added to Asharq al-Awsad: “They want to share our livelihood with us… The financial magnates are stealing from us in broad daylight and we can't do anything.”
Abu Musa asked about the role of regulatory authorities: “Where is the Monetary Authority? Where is the government? Where is the power? where are the police Where are the categories?
Bank managers in Gaza have declined to comment on the possibility of reopening banks or at least ATMs, and money changers have also declined to comment, while authorities overseeing the Hamas government in Gaza have remained largely absent from operations with minimal work. matter.
According to economist Ahmad Abu Qamar Asharq Al-Awsad, the importance of liquidity is that it is the backbone of the business process without which trade and shopping are not possible.
Abu Qamar attributed the crisis to large amounts of money leaving to travel through crossings and buy goods without any money entering the Gaza Strip.
He believed that the behavior of the Monetary Authority and some banks could make them participants in the liquidity crisis, pointing out that the Monetary Authority had not taken any measures to contain the crisis, such as providing liquidity from banks and opening up large amounts. Bank branches should dispense cash and ensure that citizens and bank customers do not crowd ATMs. Although the Paris Economic Protocol signed between the Palestinian Authority and Israel in 1994 guaranteed this, it did not succeed in bringing any amount to the markets of the Gaza Strip.
The Monetary Authority has not taken any steps to freeze the accounts of people operating in the black market and restrict the flow of money.
Abu Qamar believed that the government in Gaza also had a greater responsibility. He said the government should play an active role in mitigating the cash flow crisis. He insisted that this could be done by restricting imports of goods that could be made without citizens, monitoring those who monopolized the flow of money, raising the commission rate to 20 percent, and reducing the flow of money out of the Gaza Strip. they.”
Abu Qamar called for quick intervention because people are suffering from another problem related to liquidity, which is the “damaged currency” flooding the markets, he said: “The Monetary Authority should cooperate with the banks to quickly collect this currency and replace it with new currency because it increases the crisis and harms both sellers and shoppers. creates problems.
The crisis began in the northern Gaza Strip and in the past two weeks has spread to the central and southern parts of the Gaza Strip, particularly to Rafah, a displaced population center of one and a half million people.
Ayman Hamduna in Rafah said he went to the bank several times to withdraw money from his account, but he was unable to do so.
He added: “The bank has informed us that there is no longer any financial liquidity and this has created a difficult situation.”
Hamduna, like thousands of Rafah residents and displaced people, was forced to get their money through money changers, who used the banking system to transfer money from people's accounts to their own, then hand them the value of the refunds in return. For a financial commission of 15 to 20 percent.
Thousands of Palestinian Authority employees have not been able to receive their salaries for at least the past two months. Hamduna, a young man, alleged that many businessmen and businessmen were conniving with people working in banks.
Last month, the Palestine Monetary Authority in Ramallah confirmed that several bank branches and headquarters had been destroyed, and that the remaining branches were unable to open for withdrawals and deposits in all areas due to the bombing. Field conditions, power outages and safety are real.
The Monetary Authority said this has caused an unprecedented cash crunch in khazans and markets, and the crisis has been exacerbated by the fact that most ATMs are out of service.
It noted that it is following up on complaints from residents about people, traders and some owners of unlicensed exchange shops using direct debit machines to transfer funds at points of sale or banking applications.
