While shutdowns caused by the pandemics had raised concerns about the availability of coins at commercial banks, Federal Reserve Chair Jerome Powell said Wednesday that policymakers are seeing physical start moving through the economy again.
“With the partial closure of the economy, the flow of funds through the economy has stopped,” Powell said as he testified to a House committee, part of the second day of his semi-annual testimony to Congress on monetary policy. “We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again.”
The Fed’s 12 regional banks are in charge of supplying coins and paper money to commercial banks.