New York Fed Working to Make Sure Puerto Rican Banks Have Cash They Need
By Michael S. Derby
The Federal Reserve Bank of New York said Wednesday it is working to ensure banks in hurricane-ravaged Puerto Rico have the cash they need to meet customer demand.
While demand for cash is "extraordinarily high," the bank said that "we have adequate inventory to meet demand from depository institutions on the island."
Puerto Rico is in the New York Fed's district despite its location in the Caribbean. In times of economic stress or a natural disaster, Fed regional banks work to ensure that member banks are adequately stocked with cash, and that local banking services are functional.
Puerto Rico, a U.S. territory, has been beset with the loss of power and many other key services following Hurricane Maria. In a statement, the New York Fed said armored-car services are able to reach banks with cash, and automated teller machines are "once again active."
The New York Fed said it is preparing to meet any elevated currency demand following the natural disaster.
President Donald Trump is due to visit the island next week as federal government officials work to provide relief efforts.
Write to Michael S. Derby at firstname.lastname@example.org
(END) Dow Jones Newswires
September 27, 2017 16:38 ET (20:38 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.