Politics
As guns fall silent, Gazans find newly reopened banks with no cash
The ceasefire in Gaza has eased the trauma of Israel’s air strikes and blockade but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on October 16, six days after the ceasefire was announced. Queues soon formed but people came away disappointed.
“There is no money, liquidity at the bank,” said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. “You just come and do paperwork transactions and leave.”
People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes along with most other goods following the attack and mass hostage-taking by Hamas-led fighters in October 2023.
Huge fees to cash salaries
“Banks are open, Air conditioning is on, but they are mostly doing electronic business, no deposits, no withdrawals of cash,” Gaza economist Mohammad Abu Jayyab told Reuters.
“People go to some greedy merchants to cash their salaries and they give them cash for a huge fee, which ranges between 20% and sometimes goes to 40%.”
Mother-of-seven Iman al-Ja’bari longs for a time when transactions at banks used to take less than an hour.
“You need two or three days to go back and forth, back and forth, spending your whole life standing there,” she said. “And in the end, you only get 400 or 500 shekels ($123 or $153). What can this (amount) buy with the incredibly high prices today that we can’t afford?”.
For a few Palestinians, the cash crunch has provided an opportunity to eke out a living. Manal al-Saidi, 40, repairs damaged banknotes to cover some basic needs.
“I work and I make 20, 30 shekels ($6, $9), and I leave with a loaf of bread, beans for dinner, falafel, anything, something simple,” she said, wiping notes.
“Not that I can get (afford) vegetables or anything, no, just enough to get by.”
Some people resort to electronic transfers through bank apps for even small items such as eggs or sugar, but the sellers apply additional fees.
The issue of cash supplies into Gaza was not included in US President Donald Trump’s 20-point peace plan, which also left the details of reconstruction and security to be decided.
COGAT, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when banknotes may be allowed back in.
The shortage of notes and coins has compounded the crisis for Gazans who have lost relatives, jobs and homes, used up their savings and sold their possessions to buy food, tents and medications. Some have resorted to barter to get by.
Palestinian merchant Samir Namrouti, 53, has got used to banknotes that are almost unrecognisable through overuse.
“What matters to me is its serial number. As long as its serial number is there, that’s it, I treat it as money,” he said.
Header image: Palestinian woman Manal al-Saidi repairs damaged banknotes on the side of a street, amid a cash crisis, in Nuseirat, central Gaza Strip, October 27, 2025. — Reuters
ATHENS: Fraudulent messages promising safe passage through the Strait of Hormuz in exchange for cryptocurrency have been sent to some shipping companies whose vessels are stranded west of the waterway, Greek maritime risk management firm MARISKS has warned.
The US has maintained its blockade of Iranian ports, while Iran has lifted and then re-imposed its blockade of the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas passed before war broke out in the Middle East.
Amid ceasefire talks, Tehran, which controls the chokepoint, has proposed tolls on vessels to safely transit.
MARISKS on Monday issued an alert warning shipowners that unknown actors, claiming to represent Iranian authorities, had sent some shipping companies a message demanding transit fees in cryptocurrencies, Bitcoin or Tether, for “clearance”.
“These specific messages are a scam,” the firm said, adding the message was not sent by Iranian authorities.
There was no immediate comment from Tehran.
Hundreds of ships and about 20,000 seafarers remain stranded in the Gulf.
On April 18, when Iran briefly opened the strait subject to checks, ships tried to pass but at least two of them, including a tanker, reported that Iranian boats had fired shots at them, forcing the vessels to turn around.
MARISKS said that it believed that at least one of the vessels, which tried to exit the strait on Saturday and was hit by gunfire, was a victim of the fraud.
Reuters was not able to verify the information or track companies that had received the message.
“After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be paid in cryptocurrency (BTC or USDT). Only then will your vessel be able to transit the strait unimpeded at the pre-agreed time,” said the message cited by MARISKS.
The UN Security Council on Monday condemned the recent killing of a French peacekeeper in Lebanon, whose death France has blamed on Hezbollah.
The Frenchman was killed and three others wounded when their unit was ambushed on Saturday as it headed to a UN Interim Force in Lebanon (UNIFIL) outpost cut off from the fighting between Hezbollah and Israel.
“The members of the Security Council condemned in the strongest terms the attack…(and) reaffirmed their full support for UNIFIL” a statement from the UN body said.
TOKYO: At least six people were reported injured on Tuesday, a day after a powerful quake rattled northern Japan, but there appeared to be no major damage from the tremor that also triggered tsunami waves up to 80 centimetres (31 inches).
However, the Japan Meteorological Agency (JMA) also warned of an increased risk of a megaquake — a tremor with a magnitude of 8.0 or stronger — hours after Monday’s 7.7 magnitude quake in Pacific waters off northern Iwate prefecture.
The jolt was so intense that it shook large buildings in the capital Tokyo, hundreds of kilometres from the epicentre.
Six people were reported injured by 8am (2300 GMT Monday), two seriously, the Fire and Disaster Management Agency (FDMA) said in a statement.
There were no reported fire outbreaks or damage to important facilities, it said.
Japan issued a warning for tsunami waves of up to three metres (10 feet) but it was lifted hours after an 80-centimetre (31-inch) wave hit a port in Kuji in Iwate, one among a series of small waves that hit elsewhere in northern Japan.
The JMA said that “the likelihood of a new, huge earthquake occurring is relatively higher than during normal times”.
Municipalities in the affected region issued non-compulsory evacuation directives to more than 182,000 residents, the FDMA said.
Japan is one of the world’s most seismically active countries, sitting on top of four major tectonic plates along the western edge of the Pacific “Ring of Fire”.
The archipelago, home to around 125 million people, typically experiences around 1,500 jolts every year and accounts for about 18 percent of the world´s earthquakes.
The vast majority are mild, although the damage they cause varies according to their location and the depth below the Earth´s surface at which they strike.
Japan is haunted by the memory of a massive 9.0 magnitude undersea quake in 2011, which triggered a tsunami that killed or left missing around 18,500 people and caused a devastating meltdown at the Fukushima nuclear plant.
Scam messages offering ships safe transit through Hormuz, warns security firm
UN Security Council denounces killing of French peacekeeper in Lebanon
Apple names new boss to replace Tim Cook after 15 years
-
Fashion5 days agoFrance’s LVMH Q1 revenue falls 6%, shows resilience amid Iran war
-
Sports1 week agoThe case for Man United’s Fernandes as Premier League’s best
-
Entertainment1 week agoPalace left in shock as Prince William cancels grand ceremony
-
Business1 week agoUK could adopt EU single market rules under new legislation
-
Entertainment6 days agoIs Claude down? Here’s why users are seeing errors
-
Fashion1 week agoEnergy emerges as biggest cost driver in textile margins
-
Business1 week agoDelta Air Lines unveils first new Delta One suite in premium cabin arms race
-
Tech1 week agoA Lot of Shops Won’t Fix Electric Bikes. Here’s Why