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FED ER A L RESERVE BANK OF N EW YORK r Circular No. 7 1 6 2 1 I June 8, 1973 J DISCOUNT RATES To All Member BanTcs, and Others Concerned, in the Second Federal Reserve District: The directors of this Bank, with the approval of the Board of Governors of the Federal Reserve System, have increased the Bank’s discount rate to 6% percent from 6 percent, effective Monday, June 11. Following is the text of a statement issued today by the Board of Governors of the Federal Reserve System: The Board of Governors of the Federal Reserve System today approved actions by the directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco increasing the discount rate of those banks from 6 percent to 6y2 percent, effective Monday, June 11. The action was taken in recognition of increases that have already occurred in other short-term interest rates, the recent growth in money and bank credit, and the continuing rise in the general price level. The discount rate is the rate charged member banks for borrowings from their district Federal Reserve Bank. Enclosed is a copy of this Bank’s Operating Circular No. 13, regarding discount rates. Additional copies of the enclosure will be furnished upon request. A lfee d H a y e s , President. Federal o f reserve n e w bank York Circular No. 13 *1 Revised June 11, 1973 J [ Operating DISCOUNT R A TE S To All Member Banlcs, and Others Concerned, in the Secojid Federal Reserve District: 1. This Bank has established the following new rates, effective June 11, 1973: A rate of 6!/2 percent per annum on advances to, and discounts for, member banks under sections 13 and 13a of the Federal Reserve Act. A rate of 7 percent per annum on advances to member banks under section 10(b) of the Federal Reserve Act. A rate of 81/) percent per annum on advances to individuals, partnerships, and corporations other than member banks under the last paragraph of section 13 of the Federal Reserve Act. Shown below is the schedule of rates now in effect at this Bank on advances and discounts made under the Federal Reserve Act. 2. This circular supersedes our Operating Circular No. 13, Revised May 11, 1973. A lfred H ayes, President. Rate Schedule, Effective June 11, 1973 Percent Per Annum Advances to and discounts for member banks: (a) Advances and discounts under sections 13 and 13a of the Federal Reserve A c t ..................................................... (b) Advances under section 10(b) of the Federal Reserve Act ............................................................................................. ey2 7 Advances to individuals, partnerships, and corporations other than member banks: Advances under last paragraph of section 13 of the Federal Reserve A c t ............................................................................. I 8/2
@FedFRASER