Banks anticipate heavy demand for cash as Y2K draws near
Central banks from the major industrialized countries in the world will begin printing currency to cover the anticipated heavy demand for money at the end of 1999.
According to a report by the Bank of England on Y2K preparations, the huge amounts of new cash will create security problems with many banks planing to stash the money in secret locations.
The report says the US Federal Reserve is printing an extra $50-billion, 1-trillion yen by the Bank of Japan, $60-billion ($HK) by the Hong Kong Monetary Authority, and 10-billion ($SEK) by the Swedish Riksbank. The Bank of England will be printing 3 billion pounds in extra money and plans to increase the country's liquidity by 30-billion pounds by not destroying 20-billion pounds currently in circulation.
According to press accounts, central banks in Italy, Switzerland, Singapore and Canada are also printing more money. Only France, Germany and the Netherlands believe that existing stocks will be adequate.
Despite the move, central bankers reportedly have determined that no cash shortages will be caused by any Y2K computer glitches or by bank customers emptying their accounts either as a precaution or in order to pay for the extended public holiday over the new year. Several countries are also declaring several days around January 1st as bank holidays.
Source: The Daily Telegraph
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