Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : August 8, 1983

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FEDERAL RESERVE statistical release
H.3 (502)

For Immediate Release

Table 1

AUG .

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE

8,

1983

Adjusted fo r changes in reserve requirements'!
Reserves o f depository institutions
total2
I nonborrow ed 1
required
m illions o f dollars
seasonally/ adjusted

Period

Monetary base3
billions o f dollars

Reserves o f depository institutions
required
to ta l2
I nonborrow ed |
m illions o f dollars
not seasonally adjusted

Monetary base3
billions o f dollars

1982— JU LY
AUG.
SEPT.
O CT.
NOY.
DEC.

3 9 ,0 0 7
3 9 ,2 0 5
3 9 ,6 5 6
3 9 ,9 3 2
4 0 ,4 0 8
4 0 ,7 8 3

3 8 ,3 1 5
3 8 ,6 9 0
3 8 ,7 2 3
3 9 ,4 5 4
3 9 ,7 8 7
4 0 ,1 4 9

3 8 ,6 9 3
3 8 ,8 9 3
3 9 ,2 7 3
3 9 ,5 2 8
4 0 ,0 0 6
4 0 ,2 8 3

1 6 9 .9
1 7 0 .9
1 7 2 .1
1 7 3 .2
1 7 4 .3
1 7 5 .6

3 8 ,5 3 0
3 8 ,6 0 9
3 9 ,3 5 6
3 9 ,9 9 7
4 0 ,6 7 9
4 1 ,5 6 0

3 7 ,8 3 8
3 8 ,0 9 3
3 8 ,4 2 3
3 9 ,5 1 9
4 0 ,0 5 8
4 0 ,9 2 6

3 8 ,2 1 6
3 8 ,2 9 6
3 8 ,9 7 3
3 9 ,5 9 2
4 0 ,2 7 7
4 1 ,0 5 9

1 7 0 .4
1 7 0 .7
1 7 1 .7
1 7 3 .2
1 7 5 .4
1 7 8 .9

1983— J A N .
FEB*
BAR.
APE,
HAY
JU NE
JU LY

4 0 , 11 9
4 0 ,3 4 1
4 1 ,0 0 3
4 1 ,3 0 2
4 1 ,2 3 8
4 1 ,7 1 9
4 1 ,9 3 1

3 9 ,5 8 9
3 9 ,7 5 8
4 0 ,2 1 0
4 0 ,2 9 3
4 0 ,2 8 6
4 0 ,0 8 3
4 0 ,4 7 7

3 9 ,5 7 1
3 9 ,9 0 5
4 0 ,5 7 0
4 0 ,8 2 6
4 0 ,7 8 9
4 1 ,2 3 9
4 1 ,4 2 5

1 7 6 .3
1 7 8 .0
1 8 0 .2
1 8 1 .3
1 8 2 .8
1 8 4 .3
1 8 5 .0

4 2 ,2 1 6
4 0 ,2 2 7
4 0 ,2 3 0
4 1 ,0 4 8
4 0 ,7 0 6
4 0 ,8 4 0
4 1 ,4 2 1

4 1 ,6 8 6
3 9 ,6 4 4
3 9 ,4 3 8
4 0 ,0 3 9
3 9 ,7 5 4
3 9 ,2 0 4
3 9 ,9 6 8

4 1 ,6 6 8
3 9 ,7 9 1
3 9 ,7 9 7
4 0 ,5 7 2
4 0 ,2 5 7
4 0 ,3 6 0
4 0 ,9 1 5

1 7 7 .7
1 7 5 .9
1 7 7 .7
1 8 0 .3
1 8 1 .7
1 8 3 .5
1 8 5 .6

KEEK

E N D IN G :

1983— JU LY

AUG.

1/

2/
3/

P

6
13
20
27

P
P
P

4 2 ,1 8 7
4 1 ,0 7 5
4 2 ,4 8 7
4 1 ,9 4 6

3 9 ,9 5 3
3 9 ,9 2 8
4 1 ,2 5 4
4 0 ,5 5 7

4 1 ,3 3 3
4 0 ,5 7 9
4 2 ,1 8 2
4 1 ,5 6 3

1 8 5 .1
1 8 3 .9
1 8 5 .5
1 8 5 .2

4 1 ,3 9 8
4 0 ,1 6 6
4 2 ,3 2 3
4 1 ,7 5 9

3 9 ,1 6 4
3 9 ,0 1 9
4 1 ,0 9 0
4 0 ,3 7 0

4 0 ,5 4 4
3 9 ,6 7 0
4 2 ,0 1 8
4 1 ,3 7 6

1 8 6 .7
1 8 5 .0
1 8 6 .3
184.7

3

P

4 2 ,0 4 2

4 0 ,7 2 7

4 1 ,4 7 4

1 8 5 .8

4 1 ,4 8 2

4 0 ,1 6 7

4 0 ,9 1 4

18 5.5

R E S E R V E A G G R E G A TE S IN C L U D E R E Q U IR E D B E SE B YE S OF HEHBEB B AN K S AND EDGE A C T C O B P O B A T IO N S AND OTHER D E P O S I T O R Y
I N S T I T U T I O N S . D I S C O N T I N U I T I E S A S S O C IA T E D W ITH TH E IM P L E H E N T A T IO N OP TH E M ONETARY C O N TR O L A C T , THE I H C L O S I O N
OF EDGE A C T C O B P O B A T IO N R E S E R V E S , AND OTHEB CH ANG ES I N R E G U L A T IO N D H AVE BEEN B E H O V E D .
R E S E R V E B A L A N C E S V I T H F E D E B A L B E S E B V E BANKS P L U S V A U L T CASH A T I N S T I T U T I O N S W IT H B E Q U IR E D R E SER V E B ALA N C ES
P L U S Y A U L T CASH E Q U A L T O B E Q U IB E D B E S E B YE S AT OTHEB I N S T I T U T I O N S .
C O N S I S T S OF B E SE B VE B A L A N C E S AND S E B Y IC E - B E L A T E D B A L A N C E S AND A D JU S T M E N T S AT F E D E R A L RE SE R V E BANKS I N THE
C U R B E N T WEEK P L U S V A U L T C ASH HELD THO WEEKS E A A L IE B USED TO S A T I S F Y RE SE B V E R E Q U IR E M E N T S AT A L L D E P O S IT O R Y
I N S T I T U T I O N S P L U S C U B B E N C Y O U T S ID E TH E U . S . T R E A S U R Y , F E D E R A L B E SE B V E B A N K S , TH E V A U L T S OF D E P O S IT O R Y
I N S T I T U T I O N S , AND S U B P L U S V A U L T C AS H AT D E P O S IT O B Y I N S T I T U T I O N S .

N O TE:
BOARD

H I S T O B I C A L D A TA A R E
OF G OYEBNOBS OF T H E




A V A I L A B L E FBOH TH E B A N K IN G S E C T I O N ,
F E D E B A L B E S E B Y E S Y S T E M , W A S H IN G T O N ,

D I V I S I O N OF
D .C 2 0 5 5 1 .

B ESE AB C H

AND

S T A T IS T IC S ,

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
Period

total 2

nonborrowed

required

Monetary
base3

millions of dollars

1982— JULY
AUG.
SEPT.
OCT.
NOV.
DEC,

3 9 ,9 6 7
4 0 ,1 7 8
3 9 ,9 6 2
4 0 ,5 8 7
4 1 ,1 9 9
4 1 ,8 5 3

3 9 ,2 7 5
3 9 ,6 6 2
3 9 ,0 2 8
4 0 ,1 0 9
4 0 ,5 7 8
4 1 ,2 1 9

3 9 ,6 5 3
3 9 ,8 6 6
3 9 ,5 7 8
4 0 ,1 8 2
4 0 ,7 9 7
4 1 ,3 5 3

1 7 2 .4
1 7 2 .8
1 7 2 .4
1 7 3 .8
1 7 6 .0
1 7 9 .3

1983— JA N .
FEB .
BAR.
A PB .
BAY
JUNE
JU LY P

4 1 ,8 6 4
3 9 ,7 9 8
38 *0 3 5
3 8 ,6 5 0
3 8 ,2 8 2
3 8 ,4 1 5
3 8 ,9 5 0

4 1 ,3 3 4
3 9 ,2 1 5
3 7 ,2 4 3
3 7 ,6 4 0
3 7 ,3 3 0
3 6 ,7 7 9
3 7 ,4 9 7

4 1 ,3 1 6
3 9 ,3 6 2
3 7 ,6 0 2
3 8 ,1 7 4
3 7 ,8 3 3
3 7 ,9 3 4
3 8 ,4 4 4

1 7 7 .9
1 7 6 .0
1 7 5 .9
1 7 8 .4
1 7 9 .8
1 8 1 .6
1 8 3 .7

WEEK ENDING:

1/

2/
3/

1983— J O L I

6
13
20 P
27 P

3 8 ,9 2 3
3 7 ,7 4 2
3 9 ,8 1 9
3 9 ,2 7 4

3 6 ,6 8 9
3 6 ,5 9 5
3 8 ,5 8 6
3 7 ,8 8 5

3 8 ,0 6 9
3 7 ,2 4 6
3 9 ,5 1 4
3 8 ,8 9 1

1 8 4 .7
18 3. 1
1 8 4 .3
1 8 2 .8

AUG.

3 P

3 9 ,0 1 6

3 7 # 701

3 8 ,4 4 8

1 8 3 .6

RESERVBS OF DEPOSITORY IN S T IT U T IO N S SE RIE S REFLECT ACTUAL RESERVE REQUIREMENT PBRCBHTAGBS WITH BO ADJUST­
MENTS TO E L IM IN A T E THE EFFECT OF CHJkiGES IB REGULATION D, IN C LU D IN G CBABGBS ASSOCIATED WITH THE IMPLEMEN­
TA TIO N OF THE B O N E T A II CONTROL ACT.
INCL0D BS SBQOIRED RESERVES OF HBHBBB BABKS ABD BDGB ACT CORPOBATIOBS
AND, BEGIBBXBG NOVEMBER 13, 19 8 0 , OTHER DEPOSITORY IN S T IT U T IO N S .
OBOES THE T R A B S IT IO B A L P H A S E - IN PROGRAM
OF THE HOMETART COBTROL ACT OF 1980 ABD PB O V ISIO B S OF THE DBPOSITOBT IB S T IT O T IO B S ACT OF 1 9 8 2 , THE BBT
CHABGBS I B REQUIRED RESERVES OF DEPOSITOBT IB S T IT O T IO B S HAVE BBEB AS FOLLOWS:
EFFEC TIV E BOVEBBER 13, 1980,
A REDOCTIOB OF $ 2 .9 B IL L IO N ; FEBRUARY 1 2 , 19 8 1 , AB IBCREASB OF $245 B I L L IO N ; BARCH 12 , 1 9 8 1 , AN INCREASE
OF $75 H IL L IO B ; BAT 1 4 , 19 8 1 , AB IBCBEASB OF $245 H IL L IO B ; SEPTEMBER 3 , 19 81 , A REDOCTIOB OF $ 1 .1 B IL L IO N ;
BOVBHBBR 1 2 , 1 9 8 1 , AB IBCREASB OF $ 2 1 0 B IL L IO N ; JAMOARY 1 4 , 1 9 8 2 , A REDOCTIOB OF $60 H IL L IO B ; FEBRUARY 1 1 , 1982
AB IBCREASB OF $170 B I I L I O N ; BABCH 4 , 1 9 8 2 , AB ESTIBATED REDOCTION OF $ 2 .0 B IL L IO N ; BAY 13 , 19 8 2 , AN ESTIMATED
INCREASE OF $150 B IL L IO N ; AOGOST 1 2 , 1 9 8 2 , AN ESTIBATED INCREASE OF $1 4 0 B IL L IO N ; SEPTEBBER 2 , 1982, AN ESTIMATED
REDOCTIOB OF $ 1 .2 B IL L IO B ; OCTOBER 2 8 , 19 82 , AH ESTIMATED REDOCTION $1 00 M IL L IO N ; DECEMBER 2 3 , 1 9 8 2 , AN ESTIMATED
REDOCTION OF $8 00 B IL L IO N ; AND MARCH 3 , 1 9 83 , AN ESTIMATED REDOCTION OF $ 1 .9 B IL L IO N .
BEGINNING V ITH THE WEEK
ENDED DBCEBBBR 2 3 , 1 9 8 1 , RESERVB AGGREGATES BAVE BEEN REDOCBD BY S H IF TS OF RESERVABLE L I A B I L I T I E S TO IN TERNATIO NAL
BA*?FTNG F A C I L I T I E S ( I B F S ) .
OB THE B A S IS OF REPORTS OF L I A B I L I T I E S TRANSFERRED TO IB F S BY O .S . COMMERCIAL BANKS V*D
AMD
GEHCIES AND BRANCBBS O r FOREIGN BANKS, I T I S ESTIMATED TBAT REQUIRED RESERVES VBRE LOWERED OM AVERAGE BY $60
TO $90 B IL L IO N IN DECEBBBB 1981 ABD $ 1 8 0 TO $230 M ILLIO N IN JANOARY 1 9 8 2 , MOSTLY REFLECTING A SEDUCTION IN R E S E R V E ;
EUROCURRENCY TR AN SA C TIO N S.
ALSO, BEGINNING WITH THE MEEK ENDING A P R IL 2 0 , 1 9 8 3 , REQUIRED RESERVES SERE REDUCED
E STIB ATBD $ 8 0 M IL L IO N AS A RESULT OF THE E L IM IN A T IO N OF RESERVE REQUIREMENTS OH NONPERSONAL TIM E DEPOSITS VITH
M A T U R IT IE S OF 2 -1 / 2 YEARS OR MORE TO LESS THAN 3 -1 / 2 YEARS.
RESERVE BALANCES WITH FEDERAL RESERVB BANKS PLUS ?A0LT CASH AT IN S T IT U T IO N S WITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH 2QOAL TO REQUIRED RESERVES AT OTHER IM S T IT U T IO N S .
C O N SISTS OF RESERVE BALANCES AND SE RVIC E-RELATED BALANCES AND ADJUSTMENTS AT FEDERAL RESERVE BANKS IN THE
CURRENT if EE* PLUS VAULT CASH HELD TWO WEEKS EARLIER -JSED TO S A T IS F Y R E S E R fg REQUIREMENTS AT ALL :£ P 0 S IT 0 R Y
IN S T IT U T IO N S PLUS CURRENCY OUTSIDE THE U .S . TR EASU RE FEDERAL RESERVE BANKS, THE fA U LTS OF DEPOSITORY
IN S T IT U T IO N S , AND SURPLUS VAULT CASH AT DEPOSITORY I INSTITUTIONS*