Advertisement

Cash demand doubled for Fed in hurricane-hit Florida

Cash demand doubled for Fed in hurricane-hit Florida
From Reuters - September 15, 2017

(Reuters) - U.S. lenders in the path of Hurricane Irma scrambled to acquire twice as much cash as usual last week, a surge that left two Federal Reserve branches in Florida working around the clock to meet the demand before floods and power outages struck.

The U.S. central banks offices in Miami and Jacksonville dispatched a bulked-up fleet of armored vehicles to pay out $2.9 billion to banks and credit unions in the region, twice their weekly average, according to officials overseeing the emergency response in the Atlanta Feds district.

It absolutely doubled our normal day to day operations, Mary Gelpi, director of the districts cash function office, said from New Orleans. There was no need for cash to be trucked in from outside the state, as was the case for Louisiana after Hurricane Katrina marooned New Orleans in 2005.

Irma ripped through the U.S. southeast earlier this week, flooding cities and towns and killing at least 32 in Florida. Nearly 2 million U.S. homes and businesses remain without power.

Advertisement

Continue reading at Reuters »