Throngs of individuals formed queues outside the Bank of Palestine branch in Gaza City, eagerly anticipating the chance to gain access to their funds after a two-year period of conflict. Following the initiation of the initial phase of the truce between Israel and Hamas, two branches of the bank resumed operations in Gaza this month. Most banks in Gaza have been rendered inoperable by the ongoing conflict, leaving only these two functional branches in Gaza City and Deir Al-Balah.
Despite the reopening of the bank branches, transactions are currently restricted to administrative matters as the safes still lack physical currency. Customers like 55-year-old Ramadan Al-Jumla had to endure long waits at the Gaza City branch, where he could only carry out administrative tasks on his account after receiving a mobile notification regarding his funds, without the ability to make withdrawals. While some individuals, including 54-year-old Khaled Shamiya, viewed the event as a glimmer of hope for the restoration of normalcy, others like Amer Al-Sultan, 30, expressed concerns about the prolonged situation and the reliance on intermediaries for financial transactions.
Since the closure of most bank branches in Gaza following a significant attack on Israel by Hamas in October 2023, the region has faced economic challenges. The last functioning ATM in Gaza ceased operation in 2024, forcing Palestinians to engage with exchangers to access funds, albeit at a cost. Although transaction fees with exchangers have reportedly decreased, the need for a reliable banking system remains crucial for the community’s economic stability.
The reopening of the bank branches symbolized hope for many residents amidst the continuous bombardment in the territory. Ali Al-Sadeq, 39, who visited the bank on its reopening day, hailed the event as a significant achievement, emphasizing the struggles faced during the conflict regarding financial transactions. The overwhelming destruction of operational bank branches in Gaza was highlighted in a 2024 report by the World Bank, indicating the severe impact of the war on the region’s financial infrastructure.
Despite the challenges, the reopening of the Bank of Palestine was seen as a step towards normality for the people of Gaza, offering a glimmer of hope amid the devastation. Amidst economic emergencies and human rights concerns raised by United Nations experts, the importance of restoring financial stability to Gaza remains paramount. While obstacles persist, the community remains resilient, holding onto hopes for a brighter future despite the adversities faced.