Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : April 26, 1982

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Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
H.3(502)

Adjusted for changes in reserve requirements1
Averages of daily figures
Reserves of depository institutions
total2
| nonborrowed
required
Period
1
millions of dollars
seasonal l>/ adjusted

Monetary base3

For Immediate Release

APRIL 2 6 ,

Reserves of depository institutions
total2
nonborrowed
required
millions of dollars
not seasonally adjusted

billions of dollars

1982

Monetary base3
bilfions of dollars

1981—MAR,
APR.
MAY
JONE
JULY
AUG.
SEPT,
OCT.
NOV*
DEC.

39,237
39,410
39,627
39,619
39,727
39,810
40,312
40,118
40,150
40,527

38,238
38,073
37,399
37,582
38,048
38,390
38,855
38,937
39,487
39,891

38,957
39,241
39,370
39,281
39,387
39,518
39,898
39,840
39,805
40,208

159.6
160.8
161.4
161.7
162.5
162.9
163.7
163.8
164.3
165.8

38,622
39,273
39,310
39,053
39,636
39,479
40,087
40,219
40,332
41,263

37,622
37,935
37,083
37,016
37,957
38,060
38,630
39,038
39,669
40,626

38,342
39,104
39,053
38,715
39,296
39,187
39,673
39,941
39,987
40,943

157.8
159.9
160.8
161.2
163.3
163.2
163-3
163.8
165.6
168.9

1982—JAN.
FEB.
MAR.

P

41,277
40,927
41,089

39,759
39,137
39,534

40,859
40,623
40,728

167.4
167.9
168.5

42,696
40,735
40,533

41,178
38,946
38,978

42,278
40,432
40,172

168.5
166,1
166.5

3
10
17
24
31 P

40,977
40,737
41,269
41,181
41,217

39,415
39,290
39,805
39,527
39<564

40,464
40,430
40,932
40,912
40,751

168.0
167.6
168.5
168.6
168.9

40,447
39,897
40,773
40,679
40,819

38,885
38,450
39,309
39,025
39,166

39,934
39,590
40,436
40,410
40,353

165.5
166.5
167.2
166.5
166.3

7 P
14 P
21 P

40,824
40,726
41,577

39,345
39,389
39,918

40,498
40,402
41,454

169.1
168.8
170.2

39,986
40,201
41,940

38,507
38,864
40,281

39,660
39,877
41,817

HEEK ENDING:
1982—MAR.

APR.

I
i

j

|
I

168.0
168.9
169.8

P - PRELIMINARY
1/ RESERVE AGGfiEGATES INCLUDE BEQOIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE
WEEK ENDED DECEMBER 23, 1961, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RRSER^tkBLE LIABILITIES TO
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S.
COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE
LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND 440 TO $70 MILLION IN JANUARY 1982.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEABING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH BEQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS
VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D,C. 20551.




H.3
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS
Not adjusted for changes in reserve requirements
Average of daily figures, not seasonally adjusted
Reserves of depository institutions1
total2

Period

nonborrowed

required

Monetary
base3

millions of dollars
1 9 8 1 — MAR,
APR.
NAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

39,725
40,333
40,516
40,442
41,007
41,023
40,591
40,711
40,948
41,924

38,726
38,995
38,288
38,405
39,328
39,604
39,134
39,531
40,285
41,287

39,445
40,164
40,258
40,104
40,667
40,731
40,177
40,433
40,604
41,604

159.5
161.6
162.6
163-3
165.4
165.4
163.9
164.3
166.3
169.7

1982—JAN.
FEB.
MAR.

P

43,203
41,286
39,234

41,685
39,496
37,679

42,784
40,982
38,873

169.1
166.8
165.4

1982—MAR.

3
10
17
24
31 P

41,055
38,463
39,274
39,130
39,290

39,493
37,016
37,810
37,476
37,637

40,542
38,156
38,937
38,861
38,824

166.2
165.3
165.9
165.2
165.0

APR.

7 P
14 P
21 P

38,495
38,713
40,373

37,016
37,376
38,714

38,169
38,389
40,250

166.8
167.6
168.4

WEEK ENDING:

1/

2/
3/

RESERVES OF DEPOSITORY INSTITUTIONS SERIES .REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES NITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS
AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM
OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE
BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE
OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; HAY 14, 1981, AN INCREASE OF $245 MILLION;
AUGUST 13, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OP $1.3 BILLION; NOVEMBER
19, 1981, AN INCREASE OF $220 MILLION; JANUARY 14, 1982, A REDUCTION OP $60 MILLION; FEBRUARY 11, 1982 AN
INCREASE OF $220 MILLION; AND MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION. BEGINNING WITH THE
WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OP RESERVABLE LIABILITIES TO
INTERNATIONAL BANKING FACILITIES (IBPS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS
BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED
RESERVES WERE LOWERED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982,
MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS.
RESERVE BALANCES WITH FEDERAX RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS*
INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT PEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS
VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.