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The Palestine Monetary Authority said on Sunday that a number of bank branches and headquarters were destroyed as a result of the ongoing Israeli bombing throughout the Gaza Strip.
The Monetary Authority indicated, in a statement, that it was not possible to open the remaining branches to carry out withdrawals and deposits in all of the sector, due to the bombing, force majeure field conditions, power outages, and the security reality.
The statement stated that this situation resulted in an unprecedented crisis in the abundance of cash liquidity in the hands of the residents of the Gaza Strip and in the markets, and the crisis worsened with most ATMs being out of service.
The statement said that the Monetary Authority is following up on “complaints from residents of the Gaza Strip about extortion operations carried out by individuals, merchants, and some owners of unlicensed exchange shops, using direct debit machines at points of sale, or financial transfers on banking applications.”
He added, "These people are exploiting the population's need for cash as they continue to be unable to reach bank branches and ATMs. They charge a rate of up to 15% on any amount withdrawn from the citizen's account by plastic cards or transfer, in exchange for handing over the remaining portion in cash."
The Monetary Authority stressed its rejection of what it called “extortion and exploitation of citizens in their harsh circumstances,” noting that it is working to monitor these accounts, and immediate deterrent measures will be taken against those who engage in this behavior once it is confirmed that their personal accounts are being misused, according to its description.
The Monetary Authority expressed its regret for its inability to take action against people who practice this method that is contrary to the morals of the Palestinian people in cases that take place entirely outside the direct supervision of the Monetary Authority.
She confirmed that she will study all possible options to “protect the rights of citizens from forms of extortion,” and that she will announce steps and instructions in this regard soon, including increasing the number of exceptional cases in which some bank branches open their doors when field and security conditions allow for this.
Source: Websites + German News Agency