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'i-.< 1 ii R A it. '•-. Rraem«BANi. FEDERAL RESERVE staf»Stte«lEm*ease '•?f^SS? H.3 (502) For Immediate Release Table 1 DEC, AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures Reserves of depository institutions total2 nonborrowed I required Period millions of dollars seasonally/ adjusted Monetary base3 billions of dollars Reserves 67 depository institutions nonborrowed required total? millions of dollars not seasona liy adjusted 12, 1983 Monetary base3 billions of dollars 1982—NOV. DEC. 35,829 3b,231 35,208 35,597 35,427 35,731 169.8 171. 1 36,090 36,962 35,469 36,328 35,688 36,462 171.0 174.4 1983—JAN. FEB. BAR. APR. 1AY JUNE JULY AUG. SEPT. OCT. NOV. P 35,634 36, 100 36,803 37,153 37,129 37,612 37,900 37,694 37,717 37,624 37,420 35,104 35,517 36,011 36,144 36,177 35,976 36,347 36,148 36,276 36,781 36,514 35,086 35,664 36,370 36,677 36,680 37,132 37,293 37,247 37,220 37,120 36,886 171.9 173.8 176. 1 177.3 178.8 180.3 181.1 182.1 183.4 184.6 185.6 37,611 35,973 36,056 36,911 36,637 36,787 37,341 37,064 37,386 37,680 37,707 37,082 35,390 35,264 35,902 35,685 35,151 35,888 35,518 35,946 36,836 36,801 37,063 35,537 35,623 36,435 36,188 36,306 36,833 36,618 36,889 37,175 37,172 173.2 171.8 173.6 176.3 177.8 179.6 181.7 181.8 182.9 184.4 186.8 2 9 16 23 P 30 P 37,515 3 7 , 166 37,270 37,410 37,809 37,075 36,124 36,249 36,595 36,929 37,141 36,586 36,625 37,123 37,137 185.3 185.0 185.6 185.7 186.1 37,795 37,016 37,615 37,799 38,373 37,355 35,974 36,594 36,984 37,493 37,421 36,436 36,970 37,512 37,701 184.5 186.2 187.1 187.0 187.3 7 P 37,490 37,048 37,099 185.8 37,563 37,121 37,172 188.3 WEEK ENDING: 1983—NOV. DEC. 1/ 2/ 3/ FESEBVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEM BEE BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE I HPLEMSNTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT COEPCHATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VA ULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BAL ANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY R ESERVE 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 APE 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 Period total2 nonborrowed [ required millions of dollars I Monetary base3 billions of dollacr 1 9 8 2 - NOV. DEC. 41,199 41,853 40,578 41,219 40,797 41,353 176.0 179.3 1983 — J A N . FEB. MAR. APS. MAY JUNE JULY AUG. SEPT. OCT. NOV. P 41,864 39,798 38,035 33,650 38,282 38,415 38,948 38,661 37,916 38,138 38,157 41,334 39,215 37,243 37,640 37,330 36,779 37,495 37,115 36,475 37,294 37,250 41,316 39,362 37,602 38,174 37,833 37,934 38,440 38,214 37,418 37,633 37,622 177.9 176.0 175.9 178.4 179.8 181.6 183.7 183.8 183.5 184.9 187.2 x: WEEK ENDING: 1/ 2/ 3/ 1983—NOV. 2 9 16 23 P 30 P 38,201 3 7 , 4 36 38,033 38,270 38,875 37,761 36,394 37,012 37,455 37,995 37,827 36,856 37,388 37,983 38,203 184.9 186.7 187.5 187.5 187.8 DEC. 7 P 38,089 37,647 37,698 188.8 RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH 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 AND PROVISIONS OF THE DEPOSITORY INSTITUTIONS ACT OF 1982, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.9 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.1 BILLION; NOVEMBER 12, 1981, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MIILION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF $150 MILLION; AUGOST 12, 1982, AN ESTIMATED INCREASE OF $140 MILLION; SEPTEMBER 2, 1982, AN ESTIMATED REDUCTION OF $1.2 BILLION; OCTOBER 28, 1982, AN ESTIMATED REDUCTION $100 MILLION; DECEMBER 23, 1982, AN ESTIMATED REDUCTION OF $800 MILLION; MARCH 3, 1983, AN ESTIMATED SEDUCTION OF $1.9 BILLION; AND SEPTEMBER 1, 1933, AN ESTIMATED REDUCTION OF $1.1 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEES REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND 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 MILLION IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS. BEGINNING WITH THE WEEK ENDING APRIL 20, 1983, REQUIRED RESERVES WERE REDUCED AN ESTIMATED $80 MILLION AS A RESULT OF THE ELIMINATION OF RESERVE REQUIREMENTS ON NONPERSONAL TIME DEPOSITS WITH MATURITIES OF 2-1/2 YEARS TO 3-1/2 YEARS. ALSO, BEGINNING WITH WEEK ENDING OCTOBER 26, 1983, REQUIRED RESERVES WERE REDUCED AN ESTIMATED $90 MILLION AS A RESULT OF THE ELIMINATION OF RESERVES REQUIREMENTS ON NGNPERSONAL TIME DEPOSITS WITH MATURITIES OF 1-1/2 YEARS TO 2-1/2 YEARS. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDED 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 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 PFSERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER