Gaza's Unusual Cash Repair Business: A Lifeline in Crisis

In Gaza, a unique business has emerged: repairing worn-out banknotes. With banks destroyed and no working ATMs, cash is scarce, and young people like Baraa Abu al-Aoun are making a living by mending torn or faded money. This service helps keep banknotes in circulation, as every one is vital for daily transactions. The lack of physical money has created a desperate need, leading to high fees for converting digital transfers into cash and a significant increase in e-wallet and money transfer app usage. However, for those needing physical cash, repairing and reusing existing notes is a lifeline. The economic collapse in Gaza has been catastrophic, pushing over two million people into poverty, with four out of five people unemployed. The situation highlights the extreme challenges faced by Gazans in accessing basic financial services. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.