The prolonged closure of bank branches in Gaza and the halt in the flow of new currency since the start of the war have forced residents to use the same worn-out banknotes for nearly a year, complicating already fragile business activity and increasing the spread of counterfeit currency, the Israeli newspaper Yedioth Ahronoth reported.
The newspaper explained – in a report by Ainav Halabi – that the population, in light of the shortage of currency due to the prolonged closure of banks, resorted to a new trade, and the profession of “cleaning old banknotes” emerged, by charging small fees for washing and repairing banknotes, which helps maintain circulation because new currency is rare.
Indeed, some have developed methods to repair or renew torn banknotes using cleaning products, the newspaper says, which has led to the return of old and damaged banknotes to circulation in Gaza markets now, especially the 100-shekel note, which can be cleaned for 4 shekels, and the 20-shekel note, which can be cleaned for 2 shekels.
“The banknotes are used so much that they rot, and I refuse to accept them,” vegetable seller Mohammed Ghazi told local media, leaving many residents desperate for usable cash.
Mahmoud Abdel Nabi, who works in a currency exchange shop, has found a solution to preserve the life of the banknotes used by his customers. He said that he cleans old banknotes, washing between 10,000 and 15,000 shekels a day with soap and water, hanging them out to dry in the sun, and then returning them to customers.
Trader Munir al-Sayyid warned of the economic consequences facing the residents of Gaza, especially in the north of the Strip where commercial activity is almost non-existent. He said, “The only solution is to reopen the banks that have been closed since the start of the war, replace worn-out banknotes and inject new currency into the markets.”