Banks in Gaza: Between Statements from the Monetary Authority and Ground Reality

SadaNews Follow-up: Local media reported this morning information regarding the beginning of bank operations in the Gaza Strip, based on a statement from the Deputy Governor of the Palestinian Monetary Authority, Mohamed Monasera, who announced during a radio interview that the Monetary Authority has managed to operate two bank branches in the sector starting today, Thursday, with the number expected to rise to seven branches over the coming week. However, the ground reality, as observed by a SadaNews correspondent in Gaza, reveals a different picture. It appears that the only branch that opened today is the Palestine Islamic Bank branch on Omar Al-Mukhtar Street, which the bank itself confirmed in an official statement issued yesterday. As of now, no other branch of any bank in the sector, from north to south, has opened, which means that the "two branches" mentioned by the deputy governor refer to the same bank, rather than two different banks as the statements suggested. This issue does not end here, as the Palestine Islamic Bank's statement clearly indicated that its branch in Deir al-Balah did not open today, but rather had been providing services to citizens throughout the war, despite the harsh security and humanitarian conditions, raising questions about the accuracy of the official statements attributing this achievement to the Monetary Authority. In a related context, Palestinian banking sources informed SadaNews that the actual reactivation of banks in the Gaza Strip cannot take place without the availability of basic conditions, the most important of which is the injection of cash liquidity into the sector, along with ensuring security and protection for banking facilities and their employees. The sources clarified that these two conditions are still not met on the ground, making discussions about the normal operation of banks premature. They added that any branches that may open at the moment would only be able to provide limited and light services to citizens, in the absence of a safe and stable operational environment. Meanwhile, citizens in Gaza have been demanding since the war began a more effective role from the Monetary Authority, beyond issuing repeated statements, towards real interventions that protect them from the exploitation of war traders who impose exorbitant commissions on cash withdrawal operations, exacerbating their suffering and draining their resources without sufficient supervisory oversight.