“The Money Will Become Worthless”: IDF Issues Unusual Warning to Gaza Residents

The IDF’s Arabic-language spokesperson, Ella Waweya, issued an official statement today (Monday) warning of a large-scale economic scam that Hamas is allegedly carrying out against the population in the Gaza Strip. In its direct appeal, the IDF called on residents to stay alert, claiming that the terrorist organization is exploiting the economic crisis and cash shortage in the Strip to pass along banknotes that could soon become worthless.<\/p>

The statement told residents that they are at the center of an economic fraud scheme and said they are living under an ongoing deception. Among other things, it said that “it is time for them to open their eyes,” while warning against continued use of the old banknotes.<\/p>

According to the IDF statement, the Bank of Israel, which is responsible for issuing the Israeli shekel, recommends replacing old banknotes with new ones. It further stated that anyone who continues to hold the old notes could risk losing their money because, according to the IDF, “very soon they will not be worth anything.” The statement claimed that Hamas is simultaneously working to get rid of these notes and pass the financial loss on to the people of Gaza.<\/p>

The warning comes amid reports of significant deterioration in the condition of shekel banknotes circulating in the Gaza Strip. Due to conditions on the ground and the shortage of new cash, a large portion of the notes are heavily worn. At the same time, there have been reports of attempts by Hamas-affiliated parties to pass old or worn-out banknotes to civilians in transactions in the local market, in exchange for goods and services.<\/p>

אזהרת דובר צה״ל (צילום: קרדיט צה״לֹ)

Despite Hamas’ control of the Strip, the new shekel remains the main, and nearly exclusive, currency used in everyday commerce. It is used to pay for basic products, salaries, and a range of other transactions. However, because of the blockade and the war, the supply of new cash from the Bank of Israel to the Strip has been halted or severely restricted, leading to the continued use of old, torn, and worn banknotes whose condition has deteriorated over time.<\/p>

At the same time, the Bank of Israel periodically updates its banknote series and removes old or damaged notes from circulation. According to the information provided, holders of banknotes who do not exchange them at authorized banks within the designated time period may find themselves with notes that have lost their status as legal tender.<\/p>

The IDF explained that the purpose of the announcement is to thwart Hamas’ attempts to use invalid banknotes to fund its activities or to shift the economic damage onto the residents of the Strip.<\/p>