55% commission for "cash".. Liquidity crisis suffocates citizens in Gaza

SadaNews Economics - The residents of the Gaza Strip are facing a stifling financial crisis due to an unprecedented rise in commission rates for receiving cash from what are known as "liquidity traders". Today, the commissions have reached a rate ranging from 53% to 55%, which exerts immense pressure on the purchasing power of citizens and raises serious questions about the absence of oversight.

According to SadaNews' economic correspondent in Gaza, this situation means that a person trying to exchange an amount of 100 dollars receives only 160 shekels, resulting in a severe loss equivalent to more than half the value of the amount.

In the absence of effective banking services in the Gaza Strip, citizens have had to resort to what are known as "liquidity traders" to convert their money through banking applications. These operations are carried out by transferring a balance from the citizen's bank account to the trader's account in exchange for receiving an immediate cash amount. However, this process incurs enormous losses, as the traders impose very high commissions, amounting to more than half of the transferred amount, exacerbating the economic crisis that the residents are suffering from and deepening their sense of helplessness in light of the lack of banking alternatives.

This phenomenon comes amidst a crazy rise in prices, where the price of a kilogram of tomatoes, one of the essential food items, has reached 130 shekels.

This inflation in commissions is considered a clear indicator of the systematic exploitation of citizens' need for cash.

Additionally, the prices of basic goods are rising at a pace that does not correspond with the available income, threatening food security for many families, leading to a situation in the Gaza Strip currently resembling famine that has claimed the lives of hundreds.

A number of residents in the sector express their feelings of helplessness and frustration, confirming that they feel exploited to the utmost in the face of this continuous erosion of the value of their money.