The World Bank has reported that Israel's aggression on Gaza has led to the destruction of approximately 93% of bank branches operating in the territory, following nearly 15 months of continuous devastation.

In a report issued on Monday evening, the World Bank revealed that the Israeli assault has also obliterated 88% of microfinance institutions, most currency exchange businesses, and 88% of insurance companies in Gaza. According to data from the World Bank and the Palestinian Monetary Authority—functioning as Gaza’s central bank—only three out of 94 ATMs across Gaza remain operational.

The report underscored the severe economic impact on Palestinians in Gaza, who are now struggling to afford essential goods and services, including food and medicine. It further stated, “The impact on the banking system is hindering private sector efforts to resume production of goods, ultimately affecting job creation and the ability to pay employee salaries.”

The World Bank also noted that the ongoing conflict has significantly restricted freedom of movement and access to financial services in the West Bank. The report stressed the importance of effective financial services during crises, highlighting that digital payments can serve as a critical lifeline for individuals and the economy at large, facilitating personal resilience and national recovery.