Baraa Abu al-Aoun is currency restorer in Gaza City. In the process, he has found an unusual albeit brilliant method for recurring the staggering economic turmoil that overwhelms the region. As Gaza has become increasingly cut off from cash with skyrocketing inflation and shortages, his business collecting and restoring old, tattered banknotes has thrived. Today, four in five residents are unemployed. Those who still possess any wealth face increasing difficulty accessing physical cash and Abu al-Aoun’s services are crucially important as a result.
The humanitarian crisis caused by the Gaza Strip’s economic collapse has rendered over two million Gazans destitute. According to independent media tallies, Israeli military strikes have demolished over eighty bank buildings. Armed militias, probably associated with Hamas, have attacked many of these sites. Yet, throughout the chaos, the Israeli defense ministry body Cogat wields control over the border crossings. They dramatically limit the flow of cash into Gaza. The absence of circulating cash has become an unprecedented barrier for both merchants and consumers.
In response to these challenges, electronic transfers via banking applications have become increasingly popular among Gazans looking to make purchases. Even with the best technology at their fingertips, so many are still struggling under intense burdens. Even basic staples such as produce and proteins are still unattainable for low-income households that are having a hard time juggling their limited budgets.
Baraa Abu al-Aoun spends his days carefully inspecting and restoring battered banknotes, armed only with simple tools: a ruler, colored pencils, and glue. As heroic as their work is, his work transcends survival. It means that they are providing a vital service to a community facing an increasing scarcity.
“The ceasefire hasn’t changed the financial situation. What I do now is to serve people and help them.” – Baraa Abu al-Aoun
The numbers tell us that we’re witnessing an unprecedented crisis in Gaza. While prices for basic necessities have skyrocketed, pushing families such as Hanan Abu Jahel’s over the edge into hopelessness. Hanan describes her difficulties in feeding her twelve relatives as prices continue to rise.
“My children need vegetables, fruits, meat, and eggs. My youngest son especially craves eggs, but I can’t get them as prices are still so high and I have to cover the needs of 12 people.” – Hanan Abu Jahel
The crunch is most noticeable in everyday cash transactions. Ten-shekel coins, which were once easily found and used, are now virtually non-existent in circulation and bear little worth because of hyperinflation. Yet even amid this adversity, creatives across the country are innovating and persevering. Grocery shopping has moved online for millions, with the majority of orders now being processed by mobile phones.
“Basically, you can go to the grocery store and the phone is used as a payment card; you can buy with it,” – Jonathan Crickx.
Even with these adaptations, life is full of complications. Asmaa al-Ladaa shared her experiences of waiting in line to withdraw money from local banks. She painted harrowing images of stampedes and mob scenes as desperate families tried to get their hands on whatever cash they could.
“The whole process is just chaos and crowds,” – Asmaa al-Ladaa.
As the destruction and chaos continue to unfold, Baraa Abu al-Aoun only hopes to go back to where things were before—back to life and freedom. His aspirations extend beyond mere survival. He envisions a future where he can study and pursue a degree that would allow him to contribute more significantly to his community.
“My hope is to feel relief at last, so that I can study and work with a degree.” – Baraa Abu al-Aoun
His sentiment captures a deep yearning among Gazans to see an end to the fighting. They hope for the creation of thriving, sustainable environments.
“I just want this war to end fully,” – Baraa Abu al-Aoun.
As the economy has worsened, international agencies such as UNICEF have intervened in different ways to deliver vital aid. They have rolled out emergency cash transfers to around one million people in the affected region, with half of those being children. These efforts aim to alleviate immediate hardships but cannot replace the need for a comprehensive solution to Gaza’s economic woes.