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Palestinian economy

In this drone photo, Palestinians walk in an intersection surrounded by buildings destroyed during two years of Israeli army bombardments in Gaza City, Wednesday, Oct. 15, 2025. (AP)
May 6, 2026, 4:53 pm
Gaza rebuild priced at $71 billion, with most homes and nearly all businesses destroyed
First comprehensive report since ceasefire, compiled by World Bank, UN and EU, finds war caused over $35 billion of direct damage and over $22 billion more of economic losses
By Nurit Yohanan
Palestinian markets are crowded with people as life returns to normal in Khan Younis, in the southern Gaza Strip, in an undated photo from October 2025 following the start of a ceasefire between Israel and Hamas. (Abed Rahim Khatib/Flash90)
November 14, 2025, 11:14 am
Hamas reinstates fees on imported goods, raises taxes as it reasserts control in Gaza
Gazan merchants say terror group is trying to regulate high market prices, but analysts see move as sign that Hamas is preparing to dig in its feet and refuse to cede power
By Reuters
Palestinian Authority President Mahmoud Abbas at the opening session of the Palestinian Central Council, in the West Bank city of Ramallah, on April 23, 2025. (Flash90)
September 11, 2025, 8:05 am
School delayed and wages unpaid, Palestinian Authority faces deep economic crisis
After years of financial clashes with Israel, the PA is undergoing its most severe financial crisis, with Israeli officials warning of security threats if the distress persists
By Nurit Yohanan
A Palestinian man climbs the security barrier at the West Bank town of al-Ram to cross into Israel illegally, on September 15, 2024. (AP Photo/ Mahmoud Illean/ File)
July 19, 2025, 11:21 am
Barred from working in Israel, West Bank Palestinians pay a price for Gaza’s war
With permits down to 11% of pre-October 7 levels, laborers once dependent on Israel for decent wages are drowning, even as robust trade ties keep the intertwined economies afloat
By Nurit Yohanan
A Palestinian vegetable merchant shows worn-out Israeli currency, July 9, 2025, in Gaza City. (AP/Jehad Alshrafi)
July 11, 2025, 1:14 pm
Ongoing war sees Gaza residents paying middlemen 40% cut to get their own cash
Territory’s economy has become entirely dependent on cash, giving immense power to cash brokers; new practice of money repair has emerged, but even then, some notes are rejected
By AP and ToI Staff
(From L-R) Finance Minister Bezalel Smotrich, Yesha Council chairman Yisrael Ganz, Transportation Minister Miri Regev and Likud MK Avichai Boaron at a ceremony marking the establishment of a new settlement in the southern West Bank called Mitzpe Ziv on June 10, 2025. (Courtesy)
June 11, 2025, 2:03 am
Smotrich moves to paralyze Palestinian economy in response to Western sanctions
Finance minister orders cancellation of waiver allowing Israel-PA bank ties, though Palestinian Authority not known to have been involved in UK-led decision to blacklist him and Ben Gvir
By Jacob Magid
PLO Executive Committee member Ahmad Majdalani in his Ramallah office in 2024. (Courtesy)
March 4, 2025, 4:07 pm
Seeking funds abroad, Abbas ally touts prisoner payment reform that’s ‘unpopular’ at home
Tapped to head welfare fund replacing ‘pay-to-slay,’ Ahmad Majdalani says it’ll be strictly need-based, and should suffice for US and Israel to scrap ‘unjust’ sanctions on Ramallah
By Jacob Magid
Illustrative: The arches of the Arab Bank building in East Jerusalem. (Shmuel Bar-Am)
November 28, 2024, 10:11 pm
Under US pressure, security cabinet extends Israel-PA bank ties deal by a year
Move pushed by Biden administration comes after Smotrich had insisted on month-by-month renewals; Ben Gvir votes against the measure he says will allow Ramallah to limp on
By Jacob Magid
Finance Minister Bezalel Smotrich leads a faction meeting of his Religious Zionism party at the Knesset, in Jerusalem, October 28, 2024. (Yonatan Sindel/Flash90)
October 31, 2024, 9:58 pm
Smotrich extends deal allowing Israel-PA bank ties, but only for 1 month, angering US
Official says move allows far-right minister to keep options open depending on who wins election, use issue as leverage when Biden weighs steps to boost Palestinian statehood
By Jacob Magid
Finance Minister Bezalel Smotrich attends a Knesset Finance Committee meeting, in Jerusalem, on September 16, 2024. (Yonatan Sindel/Flash90)
October 22, 2024, 10:19 am
US official: PA has met Israeli requirements for Smotrich to extend banking deal
Far-right minister has until October 31 to approve deal allowing Israeli, Palestinian banks to work together; US warns failure to do so could lead to West Bank economic crisis
By Jacob Magid
A Palestinian man climbs the security barrier at the West Bank town of al-Ram to cross into Israel illegally, on September 15, 2024. (AP Photo/ Mahmoud Illean/ File)
October 3, 2024, 5:57 pm
Amid failing economy, West Bank Palestinians risk crossing security barrier into Israel
After pre-Oct. 7 employment in Israel vanished and debts started piling up, many chance arrest or death to find jobs, sometimes with help of smuggling gangs
By AP and ToI Staff
Finance Minister Bezalel Smotrich attends a Knesset Finance Committee meeting in Jerusalem, September 16, 2024. (Yonatan Sindel/Flash90)
September 21, 2024, 3:40 am
US concerned Smotrich may try to collapse Palestinian banking system — officials
Finance minister has until end of next month to sign waiver allowing Israeli banks to cooperate with Palestinian ones, without which PA economy would struggle to survive
By Jacob Magid and ToI Staff
Finance Minister Bezalel Smotrich leads a Religious Zionism faction meeting at the Knesset, in Jerusalem, June 24, 2024. (Chaim Goldberg/Flash90)
August 5, 2024, 2:41 am
Smotrich freezes NIS 100 million in PA funds over ‘incitement to terror’
Finance minister says freezing funds is part of Israel’s battles against terrorism, will divert cash to families of terror victims instead
By ToI Staff and Reuters
Prime Minister Benjamin Netanyahu attends a debate at the Knesset in Jerusalem, June 24, 2024 (Chaim Goldberg/Flash90)
June 25, 2024, 1:27 pm
Daily Briefing June 25: Day 263 – Opposition raps PM, says he thinks himself a ‘king’
Political correspondent Sam Sokol discusses submarine affair, heated Knesset debate; Arab affairs reporter Gianluca Pacchiani talks about Palestinian labor and Beirut airport
By ToI Staff
Crowds of people shop in an open-air market in the southern Gaza Strip city of Khan Younis on November 28, 2023. (Mohammed Abed/ AFP)
December 12, 2023, 11:50 pm
World Bank warns war causing ‘unparalleled’ damage to Palestinian economy
Global body notes destruction of most of Gaza’s infrastructure, predicts 3.7% contraction this year compared to pre-war prediction of 3.2% growth
By Agencies and ToI Staff
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