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FEDERAL R & H > $ £ Statistical release s ma H.3 (502) For Immediate Release Table 1 . CW* \\ AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE JANUARY Adjusted for changes in reserve requirements'! Averages of daily figures Reserves of depository institutions | nonborrowed total2 required Period millions of dollars seasonal h/ adjusted . Monetary base3 billions of dollars Reserves of depository institutions totaiz required nonborrowed millions of dollars not seasonally adjusted 25, 1982 Monetary base3 billions of dollars 1980—DEC. 39,187 37,497 38,719 158.2 39,657 37,966 39,189 161.0 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 39,182 38,948 39,070 39,265 39,542 39,351 39,609 39,883 40,615 40,266 40,264 40,804 37,787 37,645 38,070 37,928 37,314 37,314 37,930 38,463 39,158 39,086 39,601 40,168 38,872 38,672 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,077 40,005 40,496 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 164.7 166.0 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,130 40,246 41,249 39,207 37,516 37,590 37,894 37,000 36,927 37,867 37,970 38,541 38,949 39,583 40,612 40,291 38,544 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,987 40,940 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163-8 165.6 169.0 MEEK ENDING: 1981--DEC. 2 9 16 23 30 P 40,667 40,090 41,046 40,975 41,092 40,350 39,472 40,648 4 0 , 3 54 40,209 40,358 39,886 40,926 40,600 40,620 165.2 164.7 166.0 166.4 167.3 40,852 40,039 41,509 41,483 41,923 40,535 39,421 41,111 40,862 41,040 40,543 39,835 41,389 41,108 41,451 166.6 167.4 168.8 170.0 170.4 1982—JAN. 6 P 13 P 41,166 40,655 39,712 39,655 40,422 40,461 167.5 166.8 42,318 41,792 40,864 40,792 41,574 41,598 170.3 168.2 P - PRELIMINARY 1/ JJSSERVE 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 INCIUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE $EEK ENDED DECEMBER 23, 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 WERE LOWERED ON AVERAGE BY $10-20 MILLION IN DECEMBER AND THE CUMULATIVE REDUCTION THROUGH THE WEEK OF JANUARY 20 WAS $30 TO 50 MILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE 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. 3/ 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, THI 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 total2 Period nonborrowed required Monetary base3 millions of dollars 1980—DEC. 40,614 38,924 40,146 162.4 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,622 40,863 41,909 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 39,442 40,200 41,273 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,433 40,604 41,601 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 169.8 WEEK E N D I N G ; 1/ 2/ 3/ 1981—DEC. 2 9 16 23 30 P 41,542 40,767 42,237 42,096 42,503 41,225 40,149 41,839 41,475 41,620 41,233 40,563 42,117 41,721 42,031 167.4 168.2 169.7 170.7 171.1 1982—JAN. 6 P 13 P 42,889 42,369 41,435 41,369 42,145 42,175 171.0 169.0 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 PROGP&M OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 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; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; AND NOVEMBER 19, 1981, AN INCREASE OF $220 MILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 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 WERE LOWERED ON AVERAGE BY $60-90 MILLION IN DECEMBER AND THE CUMULATIVE REDUCTION THROUGH THE WEEK OF JANUARY 20 WAS $170 TO 210 MILLION, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS. RESERVE BALANCES WITH FEDERAL RESERVE 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. 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.
@FedFRASER