Palestine Monetary Authority directs banks to resume services in Gaza

The Palestine Monetary Authority instructed banks on Sunday to prepare their branches for the resumption of services in the Gaza Strip as a ceasefire came into effect.

The monetary authority said in a statement that its governor, Yahya Al-Shunnar, met with representatives of banks operating in Palestine.

The statement added that the meeting discussed "the measures required to resume banking services for the people in Gaza."

It said this "includes the reopening of several bank branches and ATMs that were not completely destroyed or severely damaged."

Al-Shunnar emphasized "the need to prepare and equip branches to welcome customers, provide essential services, and promote the use of modern electronic payment services as soon as possible."

The monetary authority added that it is "making efforts with relevant international parties to address the acute cash shortage in Gaza and to replace damaged currency."

It urged the public to use electronic services and channels to access banking services until its efforts to bring cash into the region succeed.

The Gaza ceasefire agreement took effect Sunday at 11.15 a.m. local time (0915GMT) after being delayed for a few hours due to Israel accusing the Palestinian group Hamas of delaying the discharge of a list of captives set to be released.

Nearly 47,000 people have been killed, mostly women and children, and over 110,700 injured in Israel's genocidal war on Gaza since Oct. 7, 2023, according to local health authorities.

The Israeli war has left more than 11,000 people missing, with widespread destruction and a humanitarian crisis that has claimed the lives of many elderly people and children in one of the worst global humanitarian disasters ever.

Last November, the International Criminal Court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former Defense Minister Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice for its war on the enclave.