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For Sobhi Al Far, cleaning money is not just a job – it is a lifeline. In the war-torn Gaza Strip, where banks have been closed and new banknotes can no longer enter the area, Mr Al Far has found himself an unusual profession: cleaning worn-out currency.
“About a year ago, people started using the same currency and cash in the market so much that the banknotes began to wear out,” Mr Al Far told The National.
Before the war, the business graduate was struggling to find work. “At the beginning of the war, I worked as a vendor in the markets, but with the shortage of goods, I stayed at home for a while before turning to cleaning currencies,” he said.
From his home in Beit Lahia, in northern Gaza, Mr Al Far, 28, works daily to clean and restore these badly damaged banknotes, as traders and civilians alike have begun to reject them. Without access to the banks for replacements, people are desperate to make use of the cash they have.
“The profession of cleaning money never existed in Gaza before, but now it’s become essential. There are no banks to exchange the worn-out money, and people need to spend the money they have since there’s no alternative,” Mr Al Far explained.
The process is simple yet effective. Banknotes are washed with water and soap and then hung out to dry. The cleaning process improves the notes by about 80 per cent, turning previously unusable currency into notes that can circulate once again in the market.
“I charge people for cleaning each note based on its value. For example, I take two shekels for cleaning a 20-shekel note, four shekels for a 100-shekel note, and five shekels for a 200-shekel note,” Mr Al Far said.
In the three months since he started his unusual business, Mr Al Far now cleans about 10,000 shekels a day for both consumers and traders.
“Thankfully, the work is going well, and people are satisfied with the quality of the cleaning service I provide,” Mr Al Far said, grateful for the work that has allowed him to support himself after months of unemployment.
The closure of Gaza's banks since the start of the war on October 7 has led to a crippling cash flow crisis. ATMs are out of service, and new currency cannot enter Gaza, forcing people to reuse the same worn-out money. Traders have stepped in, charging high fees to give people access to their own money.
Cash-out business
Hassan Attallah, a currency exchange shop owner in Gaza city, has witnessed the situation worsen over time.
“People started turning to shop owners and some traders to access their money from their bank accounts using bank cards or mobile banking apps,” Mr Atallah, 37, told The National. “Initially, traders charged a small fee of 5 per cent to 7 per cent, but now the rates have skyrocketed to as high as 30 per cent.”
But with hardly any internet available in the enclave, paying by using the app has become more challenging. The shop owner has been involved in cash-out business for eight months in northern Gaza. “Major traders supply me with the cash they collect from people, and I redistribute it by cashing out for people at a rate determined by the market. Currently, I cash out at a rate of 17 per cent, and my profit is 3 per cent, which is deducted from the trader,” he said.
People are constantly asking for cash and are willing to pay any rate because they need it so badly
Hassan Attallah,
currency exchange shop owner
“People are constantly asking for cash and are willing to pay any rate because they need it so badly,” Mr Attallah added, saying that it is the traders controlling the liquidity who drive the soaring fees. “We, as currency exchange shop owners, are merely intermediaries.”
The Palestinian Monetary Authority has acknowledged the destruction of bank branches due to continuing bombardments in Gaza. A May statement by the authority highlighted the unprecedented liquidity crisis, worsened by the failure of ATMs across the strip.
Despite the challenges, Mohammad Abu Jayyab, an economics journalist in Gaza, is urging the Monetary Authority in Ramallah to take swift action. “The authority should issue an official statement clarifying that all currency denominations in Gaza are valid for trade as long as they are not counterfeit, regardless of their condition,” Mr Abu Jayyab told The National.
He also emphasised that once the war is over, the banks should handle the replacement of damaged banknotes at their full face value, as is the norm in every country.
“The liquidity crisis has allowed war profiteers, vendors, and black market traders to hoard cash while the formal trading system has been paralysed,” Mr Abu Jayyab said.
Rejected currency
To address the cash crisis, the Monetary Authority recently launched an app called E bouraq, an instant payments system between banks and payment service companies which allows citizens to make financial transactions electronically and aims to reduce the reliance on physical cash. The authority also announced that the execution of instant transfers would be free of charge for both senders and recipients.
The launch of this system comes as many bank branches and ATMs remain out of service due to the continuing conflict. It is designed to enable salary payments and address the pressing need for alternatives to cash transactions.
For Moaz Mousa, a food seller on a stall in Al-Jalaa Street in northern Gaza, the situation has become dire. “Money has become an obsession for people and traders,” he said
Many of his customers spend time inspecting the money he gives them, often asking to exchange it, claiming it will not be accepted elsewhere. “I’ve lost confidence in any currency I receive, and now I have around 10,000 shekels in notes that no one wants to take,” Mr Mousa, 22, told The National.
The currency has become so worn-out during the war that traders have stopped accepting it, leading to a vicious cycle where people no longer want to spend the money they have.
Mahmoud Al Nather, 42, a resident of Jabalya and an employee of the Ramallah Authority, has been withdrawing his salary through currency exchange shops since the war began. The commissions started at 8 per cent but have since soared to 20 per cent and, at times, even 30 per cent.
“Traders are trying to exploit people’s suffering,” Mr Al Nather told The National. “It’s not enough that they profit from trading goods – they want to profit from the money they’ve already collected from people in the markets.”
Mr Al Nather often receives old and worn-out currency that is not accepted in the market, he says. “We have no choice but to take it because there’s no alternative, but now this unusable money is piling up at home.”
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Company%20Profile
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
England ODI squad
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
The%20specs
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Killing of Qassem Suleimani
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
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GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)
Zayed Sustainability Prize
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
