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In the wake of coronavirus pandemic getting closer to Palau shores, the Financial Institutions Commission (FIC) assures everyone that Palau’s banking system is stable in a press release issued yesterday.

“The current condition of our banking system is stable,” states the public statement issued by FIC’s Executive Commission Semdiu Decherong.

“All licensed banks are operating normally, however, the situation with this health emergency is fluid.  The FIC continues to monitor all banks’ financial condition and reassures the public that banks have sufficient cash on hand and are able to withstand economic uncertainty in the foreseeable future.”

Furthermore, it states “FIC expects that all banks are able to provide regular banking services such as cash checks, provide currency, accept payment, conduct wire transfer and other banking services.”

FIC advises that banks are implementing measures to ensure the safety and health of customers which may change the way they normally handle business such as limiting the number of customers inside the bank building at one time and providing “constant cleaning or sanitizing of their premises.”

FIC assures the public that it is working with the banks to ensure that banking services are not interrupted.

Financial Institutions Commission is a government body mandated to “maintain a financial regulatory and supervisory system for the Republic Palau…and promotes a stable banking and financial sector.