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FEDgllM- RESERVE statistical release •^iss^H.3 (502) For Immediate Release Table 1 JAN, AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements! Averages of daily figures Reserves of depository institutions total2 | non borrowed required Period millions of dollars seasonal I/ adjusted Monetary base3 billions of dollars 16, Reserves of depository institutions total2 nonborrowed | required millions of dollars not seasonally adjusted 1984 Monetary base3 billions of dollars 1982—DEC* 36,231 35,597 35,731 171.1 36,962 36,328 36,462 174.4 1983—JAN. FEB. MAR* APRMAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 35,634 36,100 36,803 37,153 37,129 37,612 37,800 37,694 37,717 37,624 37,408 37,591 35,104 35,517 36,011 36,144 36,177 35,976 36,347 36,148 36,276 36,781 36,503 36,815 35,086 35,664 36,370 36,677 36,680 37,132 37,293 37,247 37,220 37,120 36,879 37,023 171.9 173.8 176.1 177.3 178.8 180.3 181.1 182.1 183.4 184.6 185.5 186.5 37,611 35,973 36,056 36,911 36,637 36,787 37,341 37,064 37,386 37,680 37,694 38,370 37,082 35,390 35,264 35,902 35,685 35,151 35,888 35,518 35,946 36,836 36,789 37,594 37,063 35,537 35,623 36,435 36,188 36,306 36,833 36,618 36,889 37,175 37,165 37,802 173.2 171.8 173.6 176.3 177.8 179.6 181.7 181.8 182.9 184.4 186.7 190.0 SEEK ENDING: 1983 — D E C , 7 14 21 28 P 37,575 37,325 37,977 37,388 37,137 36,696 36,923 36,631 37,070 36,838 37,332 36,912 185.8 186.1 186.8 186.6 37,648 37,903 38,952 38,476 37,210 37,274 37,898 37,719 37,143 37,416 38,307 38,000 188.3 189.1 190.8 191.2 198 4 — J A N . 4 P 11 P 37,822 37,353 36,525 36,790 36,883 36,652 188.4 188.6 39,533 39,053 38,236 38,490 38,594 38,352 191.6 191. 1 1/ 2/ 3/ 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. RESERVE BALANCES fclTH FEDERAL fiESERVE 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. CONSISTS OF RESERVE BALANCES AND SERVICE-RELATED BALANCES AND ADJUSTMENTS 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, AND THE VAULTS OF DEPOSITORY INSTITUTIONS, PLUS SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. MOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL fiESERVE 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 Monetary base3 billions of dollar? millions of dollars i 1982—DEC. 41,853 41,219 41,353 179.3 1983—JAN. FEE. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 41,864 39,798 38,035 38,650 38,282 38,415 38,948 38,661 37,916 38,138 38,144 38,895 41,334 39,215 37,243 37,640 37,330 36,779 37,495 37,115 36,475 37,294 37,239 38,119 41,316 39,362 37,602 38,174 37,833 37,934 38,440 38,214 37,418 37,633 37,615 38,327 177.9 176.0 175.9 178.4 179.8 161.6 183.7 183.8 183.5 184.9 187.2 190.6 SEEK ENDING: 1/ 2/ 3/ 1983 — D E C . 7 14 21 28 P 38,176 38,441 39,421 39,016 37,738 37,812 38,367 38,259 37,671 37,954 38,776 38,540 188.8 189.7 191.3 191.8 1984—JAN. 4 P 11 P 40,118 39,691 38,821 39,128 39,179 38,990 192.2 191.7 RESERVES OF DEPOSITORY INSTITUTIONS SEfilES BEFLECT ACTUAL BESEBVE 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 HEHBEB BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TBANSITIONAt 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 \2, 1981, AN INCREASE OF $245 MILLION; HABCH 12, 1981, AN INCBEASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; SEPTEHBEB 3, 1981, A REDUCTION OF $1.1 BILLION; NOVEMBER 12, 1981, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 BILLION; FEBRUABI 11, 1982 AN INCREASE OF $170 MIILION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAI 13, 1982, AK ESTIMATED INCREASE OF $150 MILLION; AUGUST 12, 1982, AN ESTIMATED INCEEASE OF $140 MILLION; SEPTEMBER 2, 1982, AN ESTIMATED REDUCTION OF $1.2 BILLION; OCTOEER 28, 1982, AN ESTIMATED REDUCTION $100 BILLION; DECEBBEB 23, 1982, All ESTIBATBD REDUCTION OF $800 MILLION; MARCH 3, 1983, AN ESTIMATED BEDUCTION OF $1.9 BILLION; AND SEPTEBBEB 1, 1983, AN ESTIMATED REDUCTION OF $1.1 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTEBNATIONAL 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 BESERVES WEBE LOWERED ON AVERAGE BY $60 TO $90 MILLION II DECEBBEB 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 DEFOSITS WITH MATURITIES OF 2-1/2 IEARS 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 NCNPEBSONAL 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 BESERVES AT OTHER INSTITUTIONS. CONSISTS OF RESERVE BALANCES AND SERVICE-RELATED BALANCES AND ADJUSTMENTS 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, AND THE VAULTS OF DEPOSITORY INSTITUTIONS, PLUS SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER