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— 3§dmiM FEDERAL - •» W * J»-W M. * ™ *" * *$&i&\ < jERXI• statistical release j|fflW/_ I •"' ' ' ™W^ ^^^^y H.3 (502) For Immediate Release Table 1 JAN- AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions total2 I non borrowed | required Period millions of dollars seasonal h1 adjusted Monetary base3 billions of dollars | Reserves of depository institutions required totals j nonborrowed | millions of dollars not seasonally adjusted 23, 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—JANFIE. MAR. APR. MAI J USE JULY AUG. SEPT. OCT. NOV. DEC. 35,634 36,100 36,803 37,153 37,129 37,612 37,800 37,694 37,717 37,624 37,408 37,588 35,104 35,517 36,011 36,144 36,177 35,976 36,347 36,148 36,276 36,781 36,503 36,813 35,086 35,664 36,370 36,677 36,680 37,132 37,293 37,247 37,220 37,120 36,879 37,029 171.9 173.8 176.1 177.3 178.8 180.3 181.1 182.1 183.4 184.6 185.5 186.5 37,611 35,973 36,056 36,911 36,637 36,787 37,341 37,064 37,386 37,680 37,694 38,367 37,082 35,390 35,264 35,902 35,685 35,151 35,888 35,518 35,946 36,836 36,789 37,592 37,063 35,537 35,623 36,435 36,188 36,306 36,833 36,618 36,889 37,175 37,165 37,808 173.2 171.8 173.6 176.3 177.8 179.6 181.7 181.8 182.9 184.4 186.7 190.0 SEEK j • ENDING: 1983—DEC. 7 14 21 28 37,575 37,325 37,977 37,374 37,137 36,696 36,923 36,621 37,070 36,838 37,332 36,938 185.8 186.1 186.8 186.6 37,648 37,903 38,952 38,463 37,210 37,274 37,898 37,710 37,143 37,416 38,307 38,027 188.3 189. 1 190.8 191.2 1984—JAN. 4 P 11 P 18 P 37,820 37,282 37,377 36,523 36,719 36,593 36,881 36,646 36,833 188.4 188.8 188.2 39,531 38,981 40,537 38,234 38,418 39,753 38,592 38,345 39,993 191.6 191.2 190.7 RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT C2»OB4TXOVS A«D OTBER 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 REHOVBD. 2/ RFqPBVE BALANCES WI1H FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS SlTH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. OF RESERVE BALANCES AND SERVICE-RELATED BALANCES AND ADJUSTMENTS AT FEDERAL RESERVE BANKS IN THE 3/ CONSISTS CURRENT 8EEK PLUS VAULT CASH BELD 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. 1/ 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 total2 Period nonborrowed millions of dollars required Monetary base3 billions of dottartj i 1982 — D E C , 41,853 41,219 41,353 179.3 1983—JAN. FEE. MAR. APE. MAY JUNE JULY AUG. SEP1. CCI. NOV. DEC. 41,864 39,798 38,035 38,650 38,282 38,415 38,948 38,661 37,916 38,138 38,144 38,892 41,334 39,215 37,243 37,640 37,330 36,779 37,495 37,115 36,475 37,294 37,239 38,117 41,316 39,362 37,602 38,174 37,833 37,934 38,440 38,214 37,418 37,633 37,615 38,333 177.9 176.0 175.9 178.4 179.8 181.6 183.7 183.8 183.5 184.9 187.2 190.6 SEEK ^ ENDING; 1983—DEC. 7 14 21 28 38,176 38,441 39,421 39,003 37,738 37,812 38,367 38,250 37,671 37,954 38,776 38,567 188.8 189.7 191.3 191.7 1984—JAE. 4 P 11 P 18 P 40,118 39,626 41,103 38,821 39,063 40,319 39,179 38,990 40,559 192.2 191.9 191.3 1/ RESERVES OF DEPOSITOR! INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH MO ADJ0STMENTS TC ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED 8ITH THE IHPLBMEMTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER IHE IBANSITIOMAL PHASE-HI PBCGBAM OF THE MONETARY CONTROL ACT OF 1980 AND PROVISIONS OF THE DEPOSITORY INSTITUTIONS ACT OF 1982, THE NET CHANGES IN REQUIRED RESERVES CF DEPOSITOfiY INSTITUTIONS HAVE BEEN AS fOLLOVSz 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; NOVEMBEB 12, 1931, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 BILLION; FEBfiOABl 11, 1982 AN INCREASE OF $170 MIILION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; HAY 13, 1982, AN ESTIMATED INCREASE OF $150fllLLION;AUGUST 12, 1982, AN ESTIMATED INCREASE OF $140 MILLION; SEPTEMBER 2, 1982, Al ESTIMATED REDUCTION OF $1.2 BILLION; OCTOEER 28, 1982, AN ESTIMATED REDUCTION $100 MILLION; DECEMBER 23, 1982, Al ESTIMATED REDUCTION OF $800 MILLION; MARCH 3, 1983, AN ESTIMATED REDUCTION OF $1.9 BILLION; SBPTEMBEB 1, 1983, AN ESTIMATED REDUCTION OF $1.1 BILLION; AND JANUABY 18, 1984, AN ESTIMATED REDACTION OF $120 BILLION. BECOMING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF BESEBVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE EASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AMD A6EMCIES AND BBANCHES OF FOREIGN BANKS, II IS ESTIMATED THAT REQUIRED RESERVES HERE LOWERED ON AVERAGE BY $60 TO $90 MILLION IB DECEMBER 1981 AND $180 TO $230 MILLION IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IM RESEBVABLE EUROCURRENCY TRANSACTIONS. BEGINNING WITH THE MEEK ENDING APRIL 20, 1983, REQUIRED RESERVES HERE REDUCED AM ESTIMATED $80 MILLION AS A RESULT OF THE ELIMINATION OF RESERVE REQUIREMENTS ON NONPERSCNAL TIME DEPOSITS MITH MATURITIES OF 2-1/2 YEARS TO 3-1/2 YEARS. ALSO, BEGINNING WITH WEEK ENDING OCTOBER 26, 1983, REQUIRED RESERVES IEBB REDUCED Al ESTIMATED $90 MILLION AS A RESULT OF THE ELIMINATION OF RESERVES REQUIREMENTS OM MCMPEBSOMAL TIME DEPOSITS 1ITH MATURITIES OF 1-1/2 YEARS TO 2-1/2 YEABS. 2/ RESERVE BALANCES bllH FEDERAL RESERVE BANKS (HHICH EXCLUDED REQUIRED CLEARING BALANCES) PLUS VAULT CASB AT INSTITUTIONS WITH REQUIRED BESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ CONSISTS OF BESERVE BALANCES AND SERVICE-RELATED BALANCES AND ADJUSTMENTS AT FEDERAL RESERVE BAMIS IM THE CURRENT MEEK PLUS VAULT CASH HELD TBO WEEKS EABLIER USED TO SATISFY RESEBVtf REQUIREMENTS AT ALL DEPOSITOfiY INSTITUTIONS PLUS CURRENCY 001SIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, AMD THS VAULTS OF DEPOSITOfiY INSTITUTIONS, PLUS SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER