WASHINGTON, NC (WITN) – A currency shortage that the United States Federal Reserve warned in June that the country would face is being felt in the east.
McDonald’s restaurant in Washington is a place where we saw signs to use the exact credit or the exchange and that “due to the shortage of national currencies, a round change can be given”.
The Federal Reserve says: “The COVID-19 pandemic has significantly disrupted the supply chain and normal circulation patterns of US currencies. In recent months, deposit deposits by depository institutions at the Federal Reserve have decreased significantly and the production of coins by the United States Mint has also decreased due to the measures implemented to protect its employees. Requests for Federal Reserve coins by depository institutions have started to increase as regions reopen, causing the inventory of Federal Reserve coins to drop to below-normal levels. While the US Mint is the issuing authority for coins, the Federal Reserve manages the inventory of coins and their distribution to depository institutions through the cash operations of the Reserve Bank and in external locations across the country operated by Federal Reserve vendors. “
The Federal Reserve says it is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Federal Reserve inventories, working with the Mint, as the issuing authority, to minimize currency supply restrictions and maximize coin production capacity, and encourage depository institutions to order only the currency they need to meet short-term customer demand.
Depository institutions can also help replenish inventories by removing barriers to depositing loose and rolled coins from consumers.
Although the Federal Reserve is confident that currency inventory problems will be solved once the economy opens up more widely and the currency supply chain returns to normal circulation patterns, they say they acknowledge that these measures alone will not be enough to solve short-term problems.
Beginning June 15, Federal Reserve banks and their coin distribution locations began allocating available supplies of pennies, nickels, pennies, and coins to depository institutions as a temporary measure. Order limits are unique by currency denomination and are the same at all Federal Reserve currency distribution locations.
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