Gaza's Banking Crisis: The Dire Aftermath of Conflict

The World Bank reports severe damage to Gaza's banking sector following the Israeli conflict, with 93% of bank branches destroyed. Only three ATMs remain operational, impacting Palestinians' access to basic goods and disrupting the local economy.

The World Bank's latest report highlights the catastrophic impact of the Israeli conflict on Gaza's financial infrastructure, revealing that 93% of bank branches have been decimated. This destruction has severely compromised financial services across the region.

Only three out of 94 ATMs are operational, a stark reminder of the ongoing struggles faced by Palestinians in accessing essential goods and services like food and medicine. The financial sector is crippled, with significant losses seen in microfinance institutions and money exchange services.

The disruption extends beyond individual hardships, severely impacting the private sector's capacity to resume production, create jobs, and distribute employee salaries. The economic repercussions deepen the humanitarian crisis in Gaza, as the territory strains under the compounded pressures of conflict and financial instability.

(With inputs from agencies.)