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LIBRAE -SSU9B1 FEDEffiLBESERVE statistical release OF PHILA H.3 (502) For Immediate Release Table 1 Average of daily figures DMI1I\ total 2 Period UC JANUARY 1 9 , Reserves of depository institutions 1 nonborrowed required Monetary base 3 total millions of dollars 1981 Member bank deposits subject to reserve requirements U.S. private demand deposits time and net other government savings total interbank demand billions of dollars seasonal I\f adjusted 1979—DEC. 43,567 42,095 43,126 153.8 644.4 451. 1 191.5 15.4 176.1 1.8 1980—JAN. FEB. WAB. APE. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 43,441 43,350 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 42,200 41,695 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,191 43,139 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 154.7 155.6 156.6 157.9 158.5 158.9 158.8 158.2 159.5 160.9 160.6 159.8 643.7 647,2 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.5 701.8 451.9 454.4 457.9 464.2 46 7 . 7 467.9 467.0 474.2 482.0 486.7 494.2 504.0 189.5 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.2 196.0 13.6 14.5 15.6 17.2 17.1 16.9 16.6 14.4 15.9 16.5 17.4 17.5 176.0 176.4 173.9 171.5 170.2 171.5 172.5 177.1 178.6 179.1 180.7 178.4 2.3 1.9 1.8 2.4 1.8 1.7 2.5 2.1 1.8 2.4 2.2 1.9 P P P P P 40,569 39,530 40,400 40,325 40,084 38,427 37,744 38,895 38,676 38,457 39,688 39,268 39,898 39,516 39,588 159.9 158.7 159.9 160.1 160.3 699.4 699.3 699.9 701.5 705.8 498.6 500.2 502.5 506.5 509.1 198.5 197.1 195.7 193.4 194.5 16.1 18.2 17.0 17.2 18.0 182.4 178.9 178.6 176.2 176.5 2.0 1.8 1.6 2.2 7 P 40,100 38,983 39,436 160.0 707.7 513.0 192.3 16.3 176.0 2.3 P P P WEEK ENDING: 1980—DEC. 3 10 17 24 31 1981—JAN. 2.3 not seasonally adjusted 1979—DEC. 44,020 42,547 43,578 156.3 652.6 452.0 198.6 16.0 182.6 2.0 1980—JAN. FEB. HAH. APF. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 45,179 43,177 43,096 U4,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 43,938 41,522 40,273 42,425 42,945 43,092 42,464 39,715 39,852 40,394 39,161 38,929 44,928 42,966 42,910 44,683 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 155.9 154.0 154.9 157.5 157.8 158.6 159.6 158.0 158.9 160.6 161.4 162.5 652.1 643.9 648.0 657.7 651.5 656.9 658.2 662.5 675.6 684.2 694.8 710.3 454.6 455.8 460.6 464.7 467.7 46 7 . 4 466. 0 471.8 479.6 485.8 49 3 . 2 505.0 195.4 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 196.4 199.7 203.2 14.5 14.3 15.2 16.8 16.2 16.6 16.8 14.2 15.8 16.5 18.0 18.2 180.9 172.0 170.4 173.6 165.9 170.6 173.2 174.8 178.1 179.8 181.6 185.0 2. 1 1.8 1.9 2.6 1.7 2.3 2.2 1.7 2. 1 2.1 1.9 2.1 P P P P P 40,791 39,455 41,056 40,838 41,054 38,649 37,669 39,551 39,189 39,427 39,910 39,193 40,554 40,029 40,558 161.4 161.2 162.7 163.5 162.9 704.0 703.4 707.7 710.6 720.0 498.4 500.8 503.3 507.5 511.2 203.4 201.0 201.9 201.0 206.7 19.0 18.2 17.6 17.9 18.5 184.4 182.8 184.3 183.0 188.2 2.1 1.6 2.5 2.1 2.1 7 P 41,038 39,921 40,374 162.3 729.5 518.1 209.3 20.5 188.7 2.2 P P ? WEEK ENDINGr l 198 0 — D E C . 1981—JAN. 3 10 17 24 31 • See reverse side for explanation of footnotes. H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves of depository institutions required Period total 2 ~ 1 non borrowed millions of dollars seasonal 1/ adjusted Monetary base -* billions of dollars Reserves of depository institutions required total 2 \ non borrowed millions of dollars not seasonally adjusted Monetary base •* billions of dollars 1979—DEC. 37r506 36,033 37,064 146.8 37,918 36,446 37,477 149.3 1930—JAN. FEB. MAR. APR. 37,475 37,400 37,477 37,516 37,485 37,461 37,570 38,050 38,725 38,894 40,057 40,110 36,234 35,745 34,653 35,061 36,467 37,081 37,176 37,392 37,414 37,563 37,997 38,420 37,224 37,189 37,291 37,319 37,307 37,257 37,286 37,749 38,470 38,687 39,559 39,558 147.8 148.7 149.5 149.7 150.7 151.5 152.6 154.6 155.8 157.1 159.1 159.8 39,060 37,203 36,919 37,533 37,062 37,007 37,665 37,706 38,401 38,376 40,056 40,598 37,819 35,548 34,096 35,077 36,043 36,628 37,270 37,048 37,090 37,565 37,997 38,908 38,809 36,992 36,733 37,336 36,884 36,804 37,381 37,405 38,146 38,669 39,558 40,045 148.9 147.1 147.8 149.2 149.9 151.2 153.5 154.4 155.3 156.9 159.9 162.5 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. WEEK ENDING P P P • 1980—DEC. 3 10 17 24 31 P P P P P 40,548 39,509 40,379 40,303 40,063 38,406 37,723 38,874 38,654 38,436 39,667 39,247 39,877 39,494 39,567 159.9 158.7 159.9 160.1 160.3 40,770 39,434 41,035 40,817 41,033 38,628 37,648 39,530 39,168 39,406 39,889 39,172 40,533 40,008 40,537 161.4 161.2 162.7 163.5 162.9 1931—JAN. 7 P 40,079 38,962 39,415 160.0 41,017 39,900 40,353 162.3 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES CF COMMERCIAL BANKS THAT WERE MEMBERS OF THE FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF "THE ACT, REQUIRED RESERVES OF MEMBER BANKS WERE REBUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLICN. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980 THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE * BASE UPCN WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGS TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES KITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIPED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE EALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASK 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. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES, AND OTHFR CHANGES IN REGULATIONS D AND K. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN TEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT 5550 TO $600 MILLION. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD CF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551.
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