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Gaza’s exchange shops come under scrutiny

The Palestinian Ministry of Economy recently announced the formation of a new oversight committee to monitor the work of exchange shops in the Gaza Strip, in light of the manipulation of currency prices that has been ongoing for many years.
GAZA CITY, -:  A Palestinian man changes money at a currency exchange bureau in Gaza City 30 January 2006. Hamas today sought to reassure investors in the Palestinian economy that their stocks would be safe under the Muslim fundamentalist group after it shot to power in last week's general election. AFP PHOTO/MAHMUD HAMS  (Photo credit should read MAHMUD HAMS/AFP/Getty Images)
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GAZA CITY, Gaza Strip — On Oct. 26, the Palestinian Ministry of National Economy started the process of establishing an oversight department aimed at overseeing the work of currency exchange shops and companies in the Gaza Strip, in a first step of its kind since the establishment of the Palestinian Authority (PA) in 1994. The department will work in full coordination with the Palestine Monetary Authority (PMA).

The establishment of the oversight department aims at organizing the currency exchange profession at a time when exchange shops and companies amount to 600 in Gaza alone, of which only 30-40 are legally registered. Most of these shops and companies operate without the required license from the PMA or the Ministry of Economy.

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