CLEVELAND (WJW) — The nationwide shortage of coins is now being felt right here in Northeast Ohio, with some businesses asking customers to use cards instead.
The Chick-fil-A in Mentor posted about the issue on Facebook Wednesday.
“Unfortunately, there is currently a change shortage nationwide. We want to serve our guests the best we can, so paying with card or mobile app is preferred for the time being!”
According to government officials, the shortage was caused by the supply chain being disrupted due to the coronavirus pandemic.
“What’s happened is that, with the partial closure of the economy, the flow of coins through the economy has gotten all — it’s kind of stopped,” Federal Reserve chairman Jerome Powell said during a virtual hearing with the House Financial Services Committee last month.
The Federal Reserve Banks are now strategically allocating coin inventory until the Mint can produce more coins and lift supply constraints.
“Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues,” the Reserve Banks said in a statement.
Businesses are encouraged to only order the exact amount of coins they need for customer demand in the meantime.
“As the economy reopens, we’re seeing coins begin to move around again,” Powell said.
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