The World Bank has reported that the Zionist entity’s aggression against Gaza has resulted in the destruction of approximately 93% of bank branches operating in the besieged enclave. The findings, highlighted by the Palestinian News Agency (WAFA) on Tuesday, come 15 months into a relentless campaign of destruction.
In its latest report, the World Bank revealed that 88% of microfinance institutions and most currency exchange services have also been destroyed. Additionally, 8% of insurance companies have ceased operations. The report further noted that only three of the 94 ATMs across Gaza are currently operational, citing data from the Palestinian Monetary Authority.
The destruction of Gaza’s financial infrastructure has severely impacted residents’ ability to afford basic goods and services, including food and medicine. According to the World Bank, this financial paralysis is hindering private sector efforts to resume production, generate employment, and pay workers’ salaries.
The report also emphasized that the ongoing aggression has disrupted access to financial services in the West Bank, exacerbating the challenges faced by Palestinians.
Despite these obstacles, Gaza’s banking sector, comprising 11 local and foreign banks, managed to hold total deposits exceeding $3 billion and offer $951 million in credit facilities by the end of October, according to the Palestinian Monetary Authority.
The World Bank underscored the critical importance of access to financial services, especially during crises, when digital payments can serve as an economic lifeline. The report concluded that restoring financial services is essential for both individual and national economic recovery in Gaza.
