Australians are hoarding not only toilet paper and canned tomatoes at home, but also cash (Sydney Morning Herald, photo)
As the new coronavirus epidemic spread across the country last month, australians not only began hoarding toilet paper and canned tomatoes at home, they also began hoarding another thing —— cash.
A six-monthly assessment of the health of the financial system released Thursday by the Reserve Bank of Australia (Reserve Bank Of Australia) points to some of the anomalies in the Bank of Australia.
Similar to the worst of the global financial crisis, people rushed into banks to withdraw cash. Some even drew huge sums of money.
"A few of these clients have drawn huge sums (more than A $100,000, or even millions of Australian dollars)," the Bank of Australia said. "
"The Reserve Bank works closely with major banks and cash transfer companies to ensure that the branches have adequate cash supplies. Since then, high demand for cash has weakened. "
The bank of australia said the outbreak of the new coronavirus has put pressure on the entire financial system, but the system remains resilient. 鈥淭he regulators have been working closely to minimize the economic damage caused by the epidemic, to avoid losses to household and corporate assets and to help the financial markets function properly ,鈥? the central bank said. "
These measures, coupled with the strong start-up of the banking system, have enhanced the ability of the financial system to absorb, rather than amplify, the adverse effects of the new coronavirus. "
The central bank said the city-sealing measures to prevent the spread of the new coronavirus would hit businesses and credit quality for a range of loans could deteriorate.
The central bank said that as interest rates fell, companies were still in normal shape during the new coronavirus pandemic new coronavirus pandemic.
"However, the current negative impact on the business environment remains significant and is expected to grow further ," the Bank of Australia said. "
"Financial and banking support will help businesses, but many will still struggle. Many companies serving residents, including retail trade, food and accommodation services, and tourism, have little revenue.
"Some companies are closed, or at least temporarily. Many companies have shut down workers. "
Another data released Thursday by the Australian Financial Security Agency (Australian Financial Security Authority) shows that the number of individual bankruptcy cases has risen in the past week.
During the week ending 5 April, the Board recorded 1,019 individual bankruptcy applications. This is 21% higher than the previous weekly average.
