Ramallah, March 25 (IANS) The Palestine Monetary Authority (PMA) has said that the Gaza Strip is experiencing a cash liquidity crisis due to the disruption of banking operations caused by the ongoing Israeli attacks.
Many banks have been destroyed amid the conflict, and it has become impossible to open the remaining bank branches in the entire region due to bombings, power outages, and security concerns, Xinhua news agency reported, citing the PMA.
The liquidity crunch has intensified as the majority of ATMs have gone out of service, the PMA said in a statement on Sunday.
The authority is monitoring “complaints from residents of the Gaza Strip about extortion operations carried out by people, traders, and some unlicensed currency exchange shop owners, using point-of-sale deduction devices or financial transfers on banking applications”, said the statement.
These individuals exploited the residents’ need for cash, charging up to 15 per cent on any amount withdrawn from citizens’ accounts via plastic cards or transfers, in return for providing the remaining amount in cash, said the PMA, noting that immediate deterrent measures will be taken against those who engage in such behaviour.
–IANS
int/sha
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
