Gaza is extremely short on physical cash, which is ironically why merchants only accept physical cash. This has given rise to a middleman industry where Gazans have to wirelessly transfer money via the Bank of Palestine app to a “money exchanger” office who will give them physical cash in exchange, while taking a (now 45%) cut for themselves to be able to pay the rich businessmen who are hoarding the cash
This seems strange to me. If everyone has accounts with the Bank of Palestine, then why did it turn into everyone demanding cash versus just paying each other with bank transfers through the Bank of Palestine?
But seeing that the Israelis are now trying to just starve the Palestinians out of Gaza, this just sounds like inflation with extra steps.
What is “the app” that they are talking about?
Gaza is extremely short on physical cash, which is ironically why merchants only accept physical cash. This has given rise to a middleman industry where Gazans have to wirelessly transfer money via the Bank of Palestine app to a “money exchanger” office who will give them physical cash in exchange, while taking a (now 45%) cut for themselves to be able to pay the rich businessmen who are hoarding the cash
I fucking hate capitalism
This seems strange to me. If everyone has accounts with the Bank of Palestine, then why did it turn into everyone demanding cash versus just paying each other with bank transfers through the Bank of Palestine?
But seeing that the Israelis are now trying to just starve the Palestinians out of Gaza, this just sounds like inflation with extra steps.