ATMs

Criminal gangs, profiteers thrive in Gaza as cash shortage worsens misery

by
Criminal gangs, profiteers thrive in Gaza as cash shortage worsens misery

A shortage of banknotes in Gaza is causing chaos, with only a few ATMs operational in the southern city of Rafah. Residents are facing long waits and sometimes paying fees to access cash, as armed gangs exploit the situation. The conflict has led to a lack of liquidity in the enclave, with hundreds of millions of shekels stuck in bank vaults. Essential goods remain scarce, and some merchants are profiteering from the shortage by charging high commissions. Gaza’s economy relies heavily on Israel, which has blocked cash imports since the start of the war.

Our View: MPs, ’ ATM gripe undermines profitable business model

by
Our View: MPs, ’ ATM gripe undermines profitable business model

Deputies in Cyprus criticized banks for not having enough ATMs, especially in rural areas, during a House commerce committee meeting. The chairman of the committee stated that banks were lacking social responsibility and prioritizing profit over serving the community. Despite the criticism, banks explained that operating ATMs is costly and they plan to reduce them to improve profitability, which is necessary for a dynamic economy. The closure of the cooperative bank was also mentioned as a result of prioritizing social responsibility over profits.