Israel destroyed 93% of banks in Gaza, only 3 ATMs working: World Bank

The World Bank reported that the Israeli war on the Gaza Strip has destroyed approximately 93 percent of the branches of banks operating in the territory after 15 months of continuous conflict.

In a report distributed in Jerusalem, the World Bank added that the war has also destroyed 88 per cent of microfinance institutions, most money exchange services, and 8 per cent of insurance companies.

The report noted that only three out of 94 ATMs are currently operational across the Gaza Strip, according to consistent data from the World Bank and the Palestinian Monetary Authority.

The report highlighted that Palestinians in Gaza are struggling to pay for basic goods and services, including food and medicine, while the disruption to the banking system hampers private sector efforts to resume production, create job opportunities, and pay employee salaries.

WAM