The Resurgence of Banknote Repair Amid Gaza's Economic Crisis

Mon Dec 01 2025 00:39:57 GMT+0200 (Eastern European Standard Time)

As Gaza faces severe economic challenges following the war, a new business has emerged: banknote repair. This article explores the life of Baraa Abu al-Aoun, a money repairer, and the impact of the cash crisis on everyday transactions in Gaza.

In the heart of Gaza City, young entrepreneur Baraa Abu al-Aoun dedicates his efforts to repairing worn banknotes, a vital service amidst the ongoing cash crisis caused by the war and economic collapse. With limited banking services and a soaring demand for cash, Abu al-Aoun's work exemplifies resilience in a challenging environment. This article delves into the state of Gaza's economy, the importance of refurbished currency, and the daily struggles of its residents as they navigate through unprecedented hardships.

In a bustling Gaza City market, a money repairer expertly inspects a worn, yellow 100 shekel ($30.50; £23.10) note. He straightens it out and enhances its faded colour with careful strokes of a pencil.

Baraa Abu al-Aoun should have been studying at university - but instead he ekes out a living from a table he has set up at the roadside, taking a small sum to help keep cash in circulation.

Fixing banknotes is a thriving new business in Gaza. Ever since the deadly Hamas-led attack on Israel in 2023 and the devastating war that ensued, Israel stopped transfers of banknotes, along with most other supplies.

Most banks were destroyed in Israeli strikes and many were looted. While some branches have reopened since a ceasefire took effect seven weeks ago, there are still no working ATMs.

But people need cash to buy food and essentials. That has forced them to turn to informal money merchants who charge enormous commissions to turn digital transfers into cash. It has also sparked a huge increase in the use of e-wallets and money transfer apps.

And it means that every existing banknote matters more than ever - no matter how tattered. That's where Baraa comes in. My tools are simple: a ruler, pencils, coloured pencils and glue, he says.

The ceasefire hasn't changed the financial situation. What I do now is to serve people and help them.

Gaza's economic collapse has been so catastrophic during two years of intense war that a new UN report says its entire population of more than two million has been pushed into poverty.

Four in five people are now unemployed according to the UN Conference on Trade and Development (Unctad), and even those who still have an income or savings struggle to access cash.

It's pure suffering and nothing else, says Numan Rayhan, who is displaced in Gaza City from Jabalia in northern Gaza with few belongings.

Early in the war, Israeli strikes targeted banks, which Israeli officials alleged were linked to Hamas. Their vaults were looted by armed Palestinian gangs, some presumed to have been Hamas. The Palestine Monetary Authority (PMA) has previously said that cash worth about $180m (£136m) was stolen.

The lack of cash circulating has caused problems for both sellers and buyers, says Zakaria Ajour, a stall-holder at another market in Gaza City.

People don't want to accept worn and delicate notes at face value anymore, if there are even small scratches or pieces of tape on a note.

Now, there are long lines outside the Bank of Palestine in Gaza City. Customers can only reactivate frozen accounts, open new ones, or sign on to banking apps.

As the economic situation continues to worsen, Baraa's small business highlights the importance of community resilience, as his efforts reflect a hope for normalization and stability in Gaza.