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FEDERAL RESERVE statistical release
•.f^ns^r--'
H.3 (502)

For Immediate Release

^ s . * ^

Tablet

JANUARY

AGGREGATE RESERVES OF DEPOSITORY 1*$tfW™3?*AND MONETARY BASE
Adjusted for changes in reserve requirements!
*vcAT&-f%
r *. ^ i*SF**
Averages of daily figures
.
ii ^ f _
3
Reserves of denptfbrff Mm TTutions
v. . Monetary base
required
tota|2
I non borrowed
billions of dollars
.
millions of dollars
seasonal Vr adjusted

Period

f

Reserves of depository institutions
required
totaiz ~ 1 non borrowed
millions of dollars
not seasona lly adjusted

1 0 , 1983

Monetary base3
billions of dollars

1981—NOV.
DEC.

37,615
37,988

36,952
37,351

37,270
37,668

161.2
162.7

37,782
38,662

37,119
38,025

37,438
38,342

162.6
165.8

1982—JAN.
FEB.
MAR.
APB.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
P

38,713
38,262
38,356
38,433
38,504
38,575
38,523
38,804
39,566
39,875
40,458
40,893

37,195
36,472
36,801
36,865
37,387
37,370
37,832
38,289
38,632
39,398
39,837
40,259

38,295
37,958
37,994
38,160
38,145
38,266
38,210
38,492
39,182
39,471
40,056
40,370

164.3
164.7
165.2
166.5
167.7
168.8
169.2
170.1
171.9
172.8
173.8
175.1

40,036
38,052
37,799
38,330
38,189
38,069
38,434
38(,512
39,353
39,997
40,679
41,574

38,519
36,262
36,244
36,762
37,071
36,864
37,743
37,996
38,420
39,519
40,058
40,940

39,618
37,748
37,437
38,057
37,830
37,761
38,120
38,199
38,969
39,592
40,277
41,050

165.3
162.9
163.3
165.6
167.1
168.2
170.0
170.4
171.4
172.9
175.2
178.5

MEEK ENDING;

1982—DEC.

1
8
15
22 P
29 P

41,035
40,390
40,581
40,885
41,395

40,413
39,953
39,878
40,338
40,704

40,539
40,076
40,027
40,732
40,556

174.7
173.9
174.7
175.3
176.1

41,332
40,383
41,405
4t,711
42,399

40,710
39,946
40,702
41,164
41,708

40,836
40,069
40,851
41,558
41,560

175.9
176.7
178.0
179.1
180.1

1983—JAN.

5 P

41,953

40,751

40,595

177.6

43,092

41,890

41,734

180.0

;

1/

2/
3/

t

;i

, —

RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING HITH THE
WEEK ENDED DECEMBER 23g 1981, RESERVES AGGREGATES HAVE BEEN 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 U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WER:
LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982.
RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED fiESERVE 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 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
Period

total2

nonborrowed

"~

Monetary
base3

required

millions of dollars
1981—NOV.
DEC.

40,948
41,924

40,285
41,287

40,604
41,604

166.3
169.7

1982—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

43,203
41,286
39,235
39,557
39,550
39,565
39,967
40,178
39,962
40,587
41,199
41,876

41,685
39,496
37,680
37,989
38,433
38,360
39,275
39,662
39,028
40,109
40,578
41,242

42,784
40,982
38,873
39,284
39,191
39,257
39,653
39,866
39,578
40,182
40,797
41,353

169.1
166.8
165.4
167.6
169.2
170.4
172.3
172.8
172.3
173.8
176.0
179.3

P

WEEK ENDING:
1982—DEC.

1
8
15
22 P
29 P

41,851
40,926
42,060
42,200
42,073

41,229
40,489
41,357
41,653
41,382

41,355
40,612
41,506
42,047
41,234

176.8
177.6
179.1
180.1
180.5

1983—JAN.

5 P

42,749

41,547

41,391

180.4

'

1/

2/
3/

"

F .

'

"

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; AUGUST 13, 1981, AN INCREASE
OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION;
AN INCREASE OF $230 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
MILLION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF
$150 MILLION; AUGUST 12, 1982, AN ESTIMATED INCREASE OF $140 MILLION; SEPTEMBER 2, 1982, AN ESTIMATED REDUCTION
OF $1.2 BILLION, OCTOBER 28, 1982, AN ESTIMATED REDUCTION OF $100 MILLION, AND DECEMBER 23, 1982, AN ESTIMATED
REDUCTION OF $800 MILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN
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 U.S. AGENCIES AND BRANCHES OF FOREIGN
BANKS, IT IS ESTIMATED THAT REQUIRED RESEVES WERE LOWERED ON AVERAGED 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 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 RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.