Fed Puts Quarantine on Repatriated Physical Cash From Asia
Fed Puts Quarantine on Repatriated Physical Cash From Asia
(Bloomberg) -- The Federal Reserve has imposed a minimum seven to 10 day quarantine on physical U.S. currency it receives from Asia before processing as a precautionary measure, even though the coronavirus mainly spreads by human-to-human contact, according to a spokeswoman.
The Fed maintains a contingency stock of currency to meet demand, and routinely processes notes and coins as part of its services to banks. There is currently $1.75 trillion of Federal Reserve notes in circulation.
The Fed spokeswoman said the central bank is prepared to modify its approach further as the Centers for Disease Control or the State Department identify additional countries of risk.
Reuters earlier reported on the move.
To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net
To contact the editors responsible for this story: Alister Bull at abull7@bloomberg.net, Vince Golle
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