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In recent days, bank customers have reported long lines at the ATMs and at other times the shortage of money in dispensers.
The second withdrawal of funds from the AFPs, plus the payments of bonuses and benefits at the end of the year, generated more liquidity for the pocket. Added to this are the movements in commerce, both in person and online, by people making Christmas purchases.
But is cash really lacking and are there problems of access to it at ATMs?
Knowledgeable sources of the banking industry explained to BioBioChile not. Quite the contrary: as a result of the above, there is a lot of paper money that circulates these days in Chile.
However, the banks must adhere to certain protocols and they can only replenish bills at the dispensers once the branches close.
In addition, the pandemic -and the hourly and sanitary restrictions- generated a change in behavior in those who have opted for end-of-year purchases in person: they are leaving earlier; and therefore, the demand at ATMs is concentrated at the beginning of the day.
“It must be recognized that there is a lot of money on the street, because between the two AFP quotas, the money orders, plus all the subsidies, we have more than US $ 30 billion in the street ”, commented Manuel Melero, president of the National Chamber of Commerce (CNC), highlighting a almost 20% increase in Christmas sales compared to 2019.
In the case of ATMs State Bank, for example, these are often the first to run out of banknotes because the entity is the one with the highest volume of banked, especially with the product CuentaRUT. The cost for them when using a BancoEstado ATM is less than if they use one from another bank.
According to data from the Central Bank (BC), cash remains one of the most widely used means of payment in the country, mainly in retail trade and at free fairs, in remote locations and by people older.
The Government, in the voice of the Minister of Finance, Ignacio Briones, agreed that “December is a very special month, for the holidays and Christmas.”
“Despite the pandemic, we have seen that purchases have increased compared to the previous year. It is a month where there are many bonuses payments, at the public and private sector level, so it is a month where there is greater demand for cash than in a normal month “said the authority.
‘Essential access’ to cash
In April, the Central Bank reported that it took all coordination measures with the Securities Transport Companies (ETV) to ensure that the population in Chile had access to cash during the health crisis.
The entity indicated that in the face of the contingency caused by the expansion of covid-19, it worked with banks and ETVs to ensure the population’s “fundamental access” to money.
“Boys” tickets
At the beginning of the year the BC also issued a letter addressed to all banks operating in Chile stating -and remarking- that for years there had been a “permanent and considerable decrease” of low-denomination banknotes at ATMs.
When referring to “low denomination banknotes” the issuing entity referred to those of $ 1,000, $ 2,000 and $ 5,000, which were scarcely available to the public, both at ATMs and at the bank service boxes.
So, He called on the entire banking sector to reverse this situation.
Sanitary safeguards against the use of cash
Regarding the sanitary safeguards that must be taken when handling cash, according to the health authority these are the same that must be applied to prevent contagion through the manipulation of other objects of daily use.
Therefore, after handling banknotes or coins, people should subsequently wash their hands with plenty of soap and water -or with alcohol gel if they do not have access to soap and water-, and not touch their face or eyes after making contact with they.
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