Latest news with #banknote
Times
14-07-2025
- Business
- Times
As Gaza's economy collapses, residents turn to ‘money repairers'
On a small round table in the shade, Ihab al-Hannawi is hunched over a broken banknote, doing a job that didn't exist before the war. Fishing from a Tupperware container that contains grubby scraps of cash, he finds and cuts a piece of a matching colour and denomination, applies a special glue, and lets his new creation dry under the hot summer sun. This is how some now make money in the Gaza Strip. Since Israel stopped the supply of freshly printed banknotes of its currency, the shekel, the currency used in Gaza, at the start of its offensive in October 2023, the population has been forced to recycle all it can. 'This paper money has been circulating for nearly two years without replacement. Many people are stuck with worn-out cash that they can't even use to buy basic things,' said Hannawi, 27, in Gaza City. 'When the banks shut down and cash liquidity became a serious problem, paper currency started deteriorating — getting dirty, torn or worn out. I try to help people as much as I can by fixing their notes. Some can be salvaged and used again, but others can't. This job didn't exist before the war — it came into being because of it.' Although it was primarily a cash-based society before the conflict began, with more than 80 per cent of transactions conducted hand-to-hand, the destruction of all 56 of Gaza's bank branches has pushed the monetary system close to total collapse. Three ATM machines are now partially functioning for a population of more than two million, where previously there were 94. The money repairer charges 2 shekels per damaged note, about 40p, repairing some 500-600 banknotes a day — if they are salvageable. He said: 'If the currency is too badly damaged, I tell them honestly — it can't be repaired. I won't accept it if I know it's unusable. I repair the notes depending on their condition. If they're torn, I tape them carefully. If there are stains or marks, I use a rubber to clean them. We also have a special adhesive we apply to the bills, then we let them dry. Sometimes, if a note is missing a corner or an edge, I cut a matching piece from other damaged notes I have and use it to patch the bill together.' After months of Israeli airstrikes, ground incursions and restrictions of food, fuel and medicines, what is left of the Gazan economy now relies on the informal activity of street vendors, stalls and resellers of stolen goods. With industrial zones, banks and factories destroyed or closed, the vast majority of people are unemployed or destitute. Transactions have largely moved to a barter system, facilitated by Facebook, to avoid the skyrocketing commission taken by money changers and brokers still willing to convert digital funds into physical cash. 'Someone would post [online] saying they want to exchange a can of baby formula for a bag of chickpeas or beans. I message them and we agree to swap — just to survive,' said Suheila Saalak from the market in al-Jalaa Street in central Gaza City. She tried to use her last 20-shekel note to buy essentials for her seven grandchildren, but the vendors wouldn't accept her frayed money. 'Emotionally, I can't bear it. I have no other money, just that one 20-shekel bill. Even if I try to withdraw some cash, they charge huge commissions. It's simply impossible.' Samir abu Mudallah, the former dean of the economics faculty and administrative sciences at al-Azhar University, said physical currency was almost non-existent in local markets. 'People are forced to use cash-out services, handing over digital balances to individuals or informal money changers in exchange for worn banknotes, often at a 40–45 per cent commission,' he said. 'While some banks, like Bank of Palestine, have tried to reassure the public that worn currency will be replaced, this has not yet been implemented. Sadly, some traders have exploited the situation and refuse to accept even slightly damaged 5 or 10-shekel notes.' Last year, the Palestine Monetary Authority, based in the West Bank, tried to introduce a new digital payment, which in its early stages attracted half a million users, but it failed to take off, as merchants continued to insist on cash. Any goodwill that might usually accompany supply and demand has dissipated for a desperate Palestinian population. Naji Shabat, a displaced father of three in western Gaza, found himself walking nearly 5km just to change his money in order to buy food. Whether he pays by cash or through a banking app, the commission is 'outrageous', he said. 'Either way, we're being crushed. Even inside Gaza, traders are putting a lot of pressure on us, and people are making things harder for each other. Yesterday, I went out to buy a few ingredients for cooking. I walked nearly five kilometres — six or seven streets — just to find someone who would accept the 50 shekels I had. One said he didn't have change, another said the money was too damaged, and a third told me the prices were sky high.' Shabat said the prices on the streets multiplied by the day. One kilo of flour has risen to 70 shekels, which will turn to 130 shekels as the merchants will not accept digital payments, and cash must be withdrawn. The entire sack of flour has gone up 3,650 per cent, from £8 to £325. One litre of cooking oil was £1.30, and has risen to £15, while a kilo of tomatoes that previously sold for 40p is now £13. 'I can't afford to buy nappies or milk for my grandchildren,' said Saalak. 'It breaks my heart that I can't meet their most basic needs. A single can of baby formula now costs 170 shekels and one pack of nappies has reached $100 (£73).' Most of the population has long run out of cash and relies on aid. In recent weeks, that reliance has meant a chaotic and dangerous rush for essentials at the newly designated aid distribution sites, run by private American contractors and fortified by the Israeli military. • Divided over Gaza: the Israeli soldiers who fight on and those who refuse More than 800 people have died around these sites since they started operating in late May, adding to the death toll of 58,000 Palestinians in the 21 months of war, according to the Hamas-linked health ministry. On Sunday, eyewitnesses said that ten Palestinians, including six children, were killed by an Israeli drone strike while waiting to fill water containers in central Gaza. The Israeli military said it was investigating a 'technical error' with a strike targeting an Islamic Jihad 'terrorist' that caused the missile to fall dozens of metres from its target. Israel has long maintained that the aid distributed by long-established international organisations was either being stolen by Hamas fighters, kept for themselves or resold to pay its fighters. The UN made almost 400 efforts to co-ordinate aid outreach with Israeli authorities in June, but Israel denied the organisation entry in 44 per cent of such attempts. Israel has itself delivered 32 truckloads a day since the collapse of the last ceasefire in February. • The five obstacles to a Gaza ceasefire deal Similarly, for more than four months this year, no fuel entered Gaza, despite being vital for almost every service. Bakeries, health, social services, water desalination plants and humanitarian organisations have to rely on generators to provide electricity during frequent power cuts. A small amount of fuel was finally allowed into Gaza this week, a move welcomed by the UN. However, the organisation added that it was 'far from enough' to meet the daily needs of the population. 'The fuel shortage has deeply affected the economy, driving prices up by over 550 per cent, according to the Palestinian Central Bureau of Statistics. This has made basic goods unaffordable, and even basic movement or commuting for citizens has become incredibly expensive,' said Abu Mudallah. With negotiations for a ceasefire between Israel and Hamas appearing to stall, experts say Gaza's economic crisis will only deepen, along with the needs of the population.
The Standard
10-07-2025
- Business
- The Standard
Dollar cedes ground to euro in global reserves, IMF data shows
U.S. dollar banknote and stock graph are seen in this illustration taken April 25, 2025. REUTERS/Dado Ruvic/Illustration
BBC News
02-07-2025
- Entertainment
- BBC News
What would you like to see on banknotes?
Your favourite animal, your football team's stadium or maybe the Newsround logo - what image would you choose to put on a banknote?Banknotes produced by the Bank of England are to get their first major redesign in more than 50 years, and it's asking for the public's help. Historical figures like Jane Austen have been used on banknotes since the 1970s, but the UK's central bank is asking people for their views on what theme they would like to see next. We want to hear your ideas - let us know in the comments below what you'd like to see on a banknote. The monarch, who is currently King Charles III, has appeared on banknotes since ten years later, historical figures starting with writer William Shakespeare were printed on the other side. The next series of notes could follow a new theme. Alongside the current theme of notable historical figures, the other suggested themes are:Architecture and landmarks, such as famous buildings or castlesArts, culture and sport, including food, film and novelsNoteworthy events in history, which could include events or movementsInnovation, such as technology or discoveriesNature, celebrating plants, animals or natural landscapes such as rivers or coastal scenesExcept for the monarch, no living person is ever put on a note, so Harry Styles isn't an option. You may have already seen some of these themes, as banknotes issued in Scotland and Northern Ireland already carry images of landmarks and animals such as well as choosing from these suggestions, the public can put forward their own theme. The chosen theme, or themes, will feature across all of the next notes the bank issues (£5, £10, £20, £50). Would you want to see your favourite British animal, food or place? We want to know what you would like to see on the new banknotes. And do you have a suggestion for a new theme? Let us know in the comments below.
Reuters
15-05-2025
- Business
- Reuters
Edi Truell's consortium no longer plans to make offer for banknote printer De La Rue
May 15 (Reuters) - Britain's De La Rue (DLAR.L), opens new tab said on Thursday a consortium of British financier Edi Truell's companies no longer intends to make an offer for the banknote printer. Last month, De La Rue backed a $347 million takeover bid from U.S. private equity firm Atlas Holdings, while rejecting a higher preliminary proposal from Truell, citing concerns over its lack of committed financing and clear structure. De La Rue, which printed the new King Charles III currency notes in the UK, has been working to stabilise its finances following a pandemic-era slump in demand driven by the rise of contactless payments.
