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FEDERAL RESERVEfffrtfeticalrelease
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H.3 (502)
For Immediate Release
Table 1
CI? TV
AGGREGATE RESERVES OF DEKfSI
Adjusted for changes in reserve requirements *
Reserves of depository i'nstitutfdns
[ nonborrowed |
required
total2
millions of dollars
seasonally/ adjusted
Period
1981—SEPI.
oca.
NOV.
DEC.
1982—JAM.
FEB.
BAR.
APB.
HAT
JUNE
JOLY
AUG.
SEPI.
oca.
NOV.
WEEK
MONETARY BASE
Q1
P
Monetary base^
billions of dollars
DECEMBER 6, 1982
Reserves of depository institutions
required
total2
nonborrowed
millions of dollars
not seasona ly adjusted
Monetary base3
billions of dollars
37,721
37,603
37,615
37,988
36,265
36,422
36,952
37,351
37,307
37,325
37,270
37,668
160.6
160.8
161.2
162. 7
37,519
37,656
37,782
38,662
36,063
36,515
37,119
38,025
37,105
37,4.18
37,438
38,342
160; 2
160.8
162.6
165.8
38,713
38,262
38,35*
38,433
38,504
38„575
38,523
38,804
39,566
39,875
40,475
37,195
36,472
36,801
36,865
37,387
37,370
37,832
38,632
39,398
39,854
38,295
37,958
37,994
38,160
38,145
38,266
38,210
38,492
39,182
39,471
40,058
164.3
164.7
165.2
166.5
167.7
168.8
169.2
170.1
171.9
172.9
173.8
1*0,036
38,052
37,799
38,330
38,189
38,069
38,434
38,512
39,353
39,997
40,696
38,519
36,262
36,244
36,762
37,071
36,864
37,743
37,996
38,420
39,519
40,075
39,618
37,748
37,437
38,057
37,830
37,761
38,120
38,199
38,969
39,592
40,278
165.3
162.9
163.3
165.6
167. 1
168.2
170.0
170.4
171.4
172-9
175w2
40,199
39,586
40,791
40,624
39,741
38,864
40,049
40,157
39,657
39,244
4 0 , 3 70
40,312
173.5
172.7
174.1
174.0
40,708
39,765
41,038
40,673
40,250
39,043
40,296
40,206
40,166
39,423
40,617
40,361
173.5
174.7
175.6
175. 1
41,106
40,483
40,545
175.0
41,403
40,780
40,842
176.2
38,2Q9
ENDING:
1982-NOV.
DEC.
3
10
17 P
24 P
1 P
1
p _
PRpT.TH TN A RV
1/
RESERVE AGGREGATES INCLUDE .REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AN D CTHEB DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED H U H THE IMPLEMENTATION CF THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CCBPCBATION RESERVES, AND CTHER CHANGES IN REGULATION B HAVE BEEN REMOVED. B GINNING WITH THE
WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS CF RESERVA3 LE LIABILITIES 10
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS CF REPCRIS CF LIABILITIES TRANSFERS ED TO IEFS BY U. S.
COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT RE QUIRED RESERVES WERE
LOWERED ON AVERAGE EY $10 TO $20 MILLION IN DECEMEER 1981 AND $40 TO $70 MILLION IN JANUA RY '982.
RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PL US VAULT CASK 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 EANKS 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 INSTI TUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
2/
3/
NOTE- HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS,
BOARD 01 GOVERNORS CF 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 institutions*
Period
total2
nonborrowed
I
required
j
Monetary
base3
millions of dollars
1981—SEP1.
OCT.
NOV.
DEC.
40,591
4 0 , 7 11
40,948
4*1,924
39,134
39,531
40,285
41,287
40,177
40,433
40,604
41,604
163.9
164.3
166.3
169.7
1982—JAN.
FIB.
MAR.
J*PR.
HAY
JUNE
JOiY
AUG.
SEPT.
OCT.
NOV. P
43,203
41,286
39,235
39,557
39,550
39,565
39,967
40,178
39,962
40,587
41,216
41,685
39,496
37,680
37,989
38,433
38,360
39,275
39,662
39,028
40,109
40,595
42,784
40,982
38,873
39,284
39,191
39,257
39,653
39,866
39,578
40,182
40,798
169. 1
166.8
165.4
167.6
169.2
170.4
172.3
172.8
172.3
173.8
176.1
REEK ENDING:
1/
2/
3/
1982—NOV.
3
10
17 P
24 P
41,243
40,309
41,551
41,170
40,785
39,587
40,809
40,703
40,701
39,967
41,130
40,858
174.4
175.6
176.5
176.0
DEC.
1P
41,922
41,299
41,361
177.1
BESEBVES OF DEPOSITORY INSTITUTIONS SEBIES BEFLECT ACTOAL RESERVE REQUIREMENT PEBCENTAGES HITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN BEGULATION D, INCLUDING CHANGES ASSOCIATED HITH THE IHPLEMENTATION OF THE MONETARY CON1B0L ACT. INCLUDES BEQUIRED BESEBVES CF MEMBER BANKS AND EDGE 1C1 COBPCBATICNS
AND, BEGINNING NOVEMBEfi 13, 1980, OTHER DEPOSITORY INSTITUTIONS. U N D O THE TRANSITIONAL PHASE-IN PROGBAM
OF THE MONETARY CCNTBOL ACT OF 1980 AND PBOVISICNS OF THE DEPOSITORY INSTITUTIONS ACT OF 1:982, THE NET
CHANGES IN REQUIRED BESEBVES OF DEPOSIIOBY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980,
A REDUCTION OF $2.9 BILLION; FEEBUABY 12, 1981, AN INCBEASE OF $245 MILLION; AUGUST 13, 1981, AN INCBEASB
OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 BII1IOB;
AN INCREASE Cf $230 MILLION; SEPTEMBER 3, 1981, A REDUCTION OJ $1.1 BILLION; NOVEMBER 12, 1981, AN INCREASE
OF $210 MILLION; JANUABY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUABY 11, 1982 AN INCREASE OF $170
MILLION; HABCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF
$150 MILLION; AUGUST 12, 1982, AN ESTIMATED INCBEASE OF $140 MILLION; SEPTEMBER 2, 1982, AN ESTIMATED REDUCTION
OF $1.2 BILLION, AND OCTOBEB 28, 1982, AN ESTIMATED REDUCTION OF $100 MILLION. BEGINNING HITH THE HEEK ENDED
DECEMBER 230 1981, RESERVE AGGREGATES HAVE BEEN BEDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL
BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. CCMMERCIAL
BANKS AND U.S. AGENCIES AND BRANCHES OF FOBEIGN BANKS, IT IS ESTIMATED THAT REQUIRED FESERVES HEBE LOWERED ON AVERAGED
BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982, MOSTLY BEFLECTING A REDUCTION IN
RESERVAELE EUROCURRENCY TRANSACTIONS.
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 BESEBVES AT OTHER INSTITUTIONS.
INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESEBVE BANKS IN THE CURRENT HEEK PLUS
VAULT CASH HELD TWO WEEKS EABLIEB USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OP DEPOSITORY INSTITUTIONS, AMD
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER