- Title: GAZA: Banks close in protest at Hamas cash seizure
- Date: 3rd March 2011
- Summary: GAZA CITY, GAZA (MARCH 03, 2011) (REUTERS) EXTERIOR OF PALESTINE INVESTMENT BANK VARIOUS OF CLOSED DOOR TO PALESTINE INVESTMENT BANK SIGN READING IN ARABIC AND ENGLISH "PALESTINE INVESTMENT BANK" VARIOUS OF CLOSED ATM PALESTINE INVESTMENT BANK BUILDING SIGN READING IN ARABIC "PALESTINE INVESTMENT BANK" VARIOUS OF PALESTINE INVESTMENT BANK BUILDING VARIOUS OF SPOKES
- Embargoed: 18th March 2011 12:00
- Keywords:
- Location: Gaza, Gaza
- City:
- Country: Palestinian Territories
- Topics: Domestic Politics
- Reuters ID: LVA3YG6GA8L0MW9QIU7W2AY5FK2T
- Story Text: Banks in the Gaza Strip closed on Thursday (March 3) in protest at Hamas' seizure of $250,000 in cash in a dispute between the Islamist movement that runs the enclave and its West Bank rival, the Palestinian Authority.
An banking official who declined to be named said that Hamas police went to the Palestine Investment Bank (PIB) on Wednesday (March 2) and demanded money from the account of the PA-backed Palestine Investment Fund (PIF), which Hamas says has been illegally transferring money out of Gaza.
The PIF said its withdrawals from the bank were legitimate.
The banking official said that police left with large bags of cash filled with Israeli shekels worth $250,000 after several hours of discussions.
A West Bank official for the Palestinian Monetary Authority, which oversees banking in the Gaza Strip and the West Bank, said the Hamas police had committed "armed robbery". In a statement, the Monetary Authority demanded the cash be returned.
However the Gaza Ministry of the Economy denied it had done anything wrong by withdrawing the money.
"The procedure by the bank and the Monetary Authority is unacceptable. They are trying to show everyone that the Gaza strip and the government in Gaza and the new management of the Investment Fund (in Gaza), is trying to steal money from the Palestinian people," said Hatem Aweidah, the spokesperson for the Gaza Ministry of the Economy.
He added, "It is our right to protect the economy in Gaza Strip through legal procedures, and everyone witness that we do not do any procedure but through law and order."
Hamas seized control of Gaza in 2007 in a brief civil war with forces loyal to Palestinian President Mahmoud Abbas.
Egyptian efforts to reconcile the two adversaries have failed and the bank move could heighten friction at a time when Abbas allies had been pushing for a unity government. - Copyright Holder: REUTERS
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