Gaza Strip: Major Bank Closes 2 Branches

Wednesday, July 27, 2011
A major bank in the Gaza Strip closed two branches on Thursday, with officials saying it was becoming too difficult to operate there. Palestinian bankers said banks in Gaza feared that Hamas planned to impose taxes on them. The banks also have to contend with international anti-laundering rules that ban banks from doing business with Hamas, which controls Gaza and is listed in the West as a terrorist organization. The closings by the Jordan-based Arab Bank group set off a stampede by depositors; several clients fainted in the crush.