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Cash demand 'extraordinarily high' in hurricane-hit Puerto Rico -Fed
September 27, 2017 / 4:49 PM / 3 months ago

Cash demand 'extraordinarily high' in hurricane-hit Puerto Rico -Fed

NEW YORK, Sept 27 (Reuters) - Demand for cash in hurricane-struck Puerto Rico is “extraordinarily high” as power outages and road closures strain banks and other lenders there, a U.S. central bank branch said on Wednesday, even while current needs on the island are being met.

“Demand for cash is extraordinarily high right now, and will evolve as depository institutions regain power, armored car services are able to reach branches, and ATMs are once again active,” a spokeswoman for the New York Fed, which oversees the U.S. territory, told Reuters.

“‎We are coordinating with local and national authorities to monitor the situation on the ground very closely, and are actively preparing to meet any sustained elevated‎ currency demand in the future,” she added. ‎

Reporting by Jonathan Spicer

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