Australians did not just hoard loo paper and tinned tomatoes as the coronavirus pandemic spread through the country last month - they started stockpiling cash | swrighteconomy
Australians did not just hoard loo paper and tinned tomatoes as the coronavirus pandemic spread through the country last month – they started stockpiling cash.
"The Reserve Bank worked closely with the large banks and cash-in-transit companies to ensure branches had sufficient cash supplies. The elevated demand has since abated."The RBA said the coronavirus outbreak had put pressure on the entire financial system but it was holding up well. "These measures, along with the strong starting position of the banking system, increase the financial system's ability to absorb, rather than amplify, the effects of the pandemic."
It said businesses had gone into the pandemic with solid balance sheets and a strong ability to service debts because of falling interest rates.
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