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FEDERAL RESERVE* statistical release
H.3 (502)

For Immediate Release

Table 1
JAB. 3 0 ,

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures
Reserves of depository institutions
Period
required
tpta!2
| nonborrowed I
millions of dollars
seasonallyf adjusted

36,23*

1982—DEC

! 35,634
36,100
36,803
37,153
37,129
, 37,612

1983—JAB.
FEEL
BAB*
APR.
BAT
JOBE
JOLT
A0&.
SEPT.
OCT*
NOV,.
DEC

37,800
37,694
37,717
37,624
37,408
37,590

I
I

1

r

- Monetary base3
billions of dollars

Reserves of depository institutions
totaiz
! nonborrowed '
required
millions of dollars
not seasonally adjusted

1984

Monetary base3
billions of dollars

35,597

35,731

171.1

36,962

36,328

36,462

174.4

35,104
35,517
36,011
36,144
36,177
35,976
36,347
36,148
36,276
36,781
36,503
36,816

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
18211
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
38,369

37,082
35,390
35,264
35,902
35,685
35,151
35,888
35,518
35,946
36,836
36,789
37,595

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

37,137
36,696
36,923
36,621

37,070
36,838
37,332
36,938

185.8
186.1
186.8
186.6

3T,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

36,550
36,719
36,711
37,011

36,883
36,646
36,885
36,880

188.4
183.8
188.9
183.6

39,553
38,981
40,660
39,898

38,262
38,418
39,876
39*393

38,595
i 38,345
40,050
39,262

191-6
191.2
191.4
188.7

|

MEEK EBDIHG:

1983—DEO,

1984—JAB.

1/
2/
3/

7
14
21
28
4
11 P
18 P
25 P

37,575
1 37,325
I 37,977

1 37,374
37,841
37,282
37,495
37,516

i

BESEBFB AGGREGATES IBCL0DS BEQ0IBED BESBBYBS OF flEBBSB BABKS ABO EDGE ACT COBPOEATXOBS ABD OTBEB DEPOSITORY
XBSTXT9TXOBS. DXSCOBTXB0XTXES ASSOCIATED BITB TBE IBPLBHBBTATIOB OF TBE BOSSTASY COBYBOL ACT, THE IBCXOSIOI
OF EDGE ACT COBPOBATXOB BBSBBYES, ABD OTBBB CBAB6ES IB BE60LATI0B D BAVE BIBB REMOVED.
BBSBBfE BALABCBS BITB FEDERAL BBSEB?B BABKS |BBXCB EXCLUDE BBQOIBBD CLBABXSS BALABCBS) PLUS VAULT CASB AT
IISTIT0TIOBS BITB BBQOIBBD BESEB?B BALABCBS FLOS fAOLT CASB EQ0AL TO BEQ0IBED BESEBFBS AT OTBEB IBSTIT0TIOBS.
CONSISTS OF BBSBBFE BALABCBS ABD SERVICE-RELATED BALABCBS ABD ADJOSTBEBTS AT FEDEBAL BESEBfB BABKS IB TBI
COBBEBT BBBS PL0S fAOLT CASB BBLD TWO BEBKS BABLIBB BSBD TO SATISFY BESEBfB BEQOIBBflEBTS AT ALL DEPOSITOR?
IBSTITOTIOKS PLUS COBBEBCT OUTSIDE TBB O.S. TBBASOBY, FEDEBAL BBSBBfE BABKS, ABD TBE fAOLTS OF DEPOSITORY
IBSTXTOTXOBS, PLOS SOBPLOS FAULT CASB AT DEPOSITORY IBSTITOTXOBS.

•OTE: HISTORICAL DATA ABB AVAILABLE FBOB TBE BABKXB6 SECTICE, DlfXSIOB OF RESEARCH ABD STATISTICS,
BOARD OF GOVERNORS OF TBB FEDERAL RESERVE SYSTBfl, BASBIB6T0B, D.C 20551.




H£
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
billions of doited

millions of dollars I.
1982—DEC.

41,853

41,219

41,353

179.3

1983—JAB,
FEB.
BAB.
APB.
BAT
JUBE
JOLT
AOC
SEPT.
OCT.
NOV.
DEC

41,864
39,798
38,035
38,650
38,282
38,415
38,948
38,661
37,916
38,138
38,144
38,894

41,334
39,215
37,243
37,640
37,330
36,779
37,495
37,115
36,475
37,294
37,239
38,120

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

BEEK EBDIBG:
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—JAB.

4
11 P
18 P
25 P

40,140
39,626
41,219
40,308

38,849
39,063
40,435
39,803

39,182
38,990
40,609
39,672

192.2
191.8
191.9
189.1

1/

BBSEBfES OF DEPOSITOBI IBSTITOTIOBS SEBIES BEFLBCT ACT0A1 BESEBVB BEQ0IBEHEBT PERCEBTAGES BITB BO ADJUSTBESTS TO ELIBIBATE TBE EFFECT OF CBABGES IB BEGOLATIOB D, IBCLODIBG CBABGES ASSOCIATED BITB TBE IBPLBBEBTATIOB OF TBE BOBETABI COBTBOL ACT. IBCL0DBS BBQ0TBED BESBRVES OF HEBBEB BABKS AND EDGE ACT CORPORATIOHS
ABD, BEGIBBIBG BOTEBBEB 13, 1980, OTBEB DEPOSITOBI IBSTITOTIOBS. OHDEB TBB TBABSITIOBAL PBASB-IB PROGRAB
OF TBB BOBETABI COBTBOL ACT OF 1980 ABD PROVISIOES OF TBB DEPOSITOBI IBSTITOTIOBS ACT OF 1982, TBE BET
CBABGES IB REQOIBED BESBRVES OF DEPOSITOBI IBSTITOTIOBS BAVB BEEB AS FOLLOWS: EFFECTIVE BOTEBBEB 13, 1980,
A BEDOCTIOB OF $2.9 BILLIOB; FEBROART 12, 1981, AB IBCBBASE OF $245 BILLIOB; BABCB 12, 1981, AB IBCBEASE
Or $75 BILLIOB; HAI 14, 1981, AB IBCBEASE OF $245 BILLIOB; SEPTEBBER 3, 1981, A REDOCTIOB OF $1.1 BILLIOB;
BOVBBBEB 12, 1981, AB IBCBEASE OF $210 BILLIOB; JAWOABI 14, 1982, A BEDOCTIOB OF $60 BILLIOB; FBBBOARY 11, 1982
AB IBCBEASE OF $170 BIILIOB; BABCB 4, 1982, AB BSTIBATED BEDOCTIOB OF $2.0 BILLIOB; BAT 13, 1982, AB BSTIBATED
IBCBEASE OF $150 BILLIOB; AOGOST 12, 1982, AB BSTIBATED IBCBEASE OF $140 BILLIOB; SEPTBBBEB 2, 1982, AB BSTIBATED
REDOCTIOB OF $1.2 BILLIOB; OCTOBER 28, 1982, AB BSTIBATED BEDOCTIOB $100 BILLIOB; DECEBBBB 23, 1982, AB BSTIBATED
REDOCTIOB OF $800 BILLIOB; BABCB 3, 1983, AB BSTIBATED REDOCTIOB OF $1.9 BILLIOB; SEPTEBBER 1, 1983, AB
BSTIBATED REDOCTIOB OF $1.1 BILLIOB; ABD JABOARI 18, 1984, AB BSTIBATED REDOCTIOB OF $120 BILLIOB. BEGIBBIBG
•V-Xffl TBE BEEK EBDED DECEBBBR 23, 1981, RESERVE AGGREGATES BATE BEEB REDOCED BI SBIFTS OF RBSBBTABLB LIABILITIES
TO IBTEBBATIOBAL BABKIBG FACILITIES (IBFS). OB TBB BASIS OF REPORTS OF LIABILITIES TBABSFBBBED TO IBFS BI 0.S.
COBBBBCIAL BABES ABD AGBBCIBS ABD BBABCBBS OF FOBEIGB BABKS, IT IS BSTIBATED TBAT REQOIBED BBSEBfES BBBE LOBERED
OB AVERAGE BI $60 TO $90 BILLIOB IB DECBBBEB 1981 ABD $180 TO $230 BILLIOB IB JABOABT 1982, BOSTLI BBFLECTIBG A
REDOCTIOB IB BBSEBVABLE EOROCOBBEBCI TBABSACTIOBS. BEGIBBIBG BITB TBE BBBK EBDIBG APRIL 20, 1983, BBQOIBBD
RESERVES BERB REDOCED AB ESTCBATED $80 BILLIOB AS A BBSOLT OF TBE ELIBIBATIOB OF BBSBRfB BEQOIBEBEBTS OB
EOSPBRSOSAL TIBB DEPOSITS BITB flATOBITIBS OF 2-1/2 IBABS TO 3-1/2 TEABS. BEGIBBIBG BITB TBB BEEK EBDIBG
OCTOBER 26, 1983, REQOIBED BBSEBfES BERB BEDOCBD AB BSTIBATED $90 BILLIOB AS A BBSOLT OF TBE ELIBIBATIOB OF
BESBBFE BEQOIBEBEBTS OB BOBPEBSOBAL TIBB DEPOSITS BITB BATOBITIBS OF 1-1/2 TEABS TO 2-1/2 YBABS.
2/ RESERVE BALABCES BITB FEDERAL BBSBRfB BABKS (BBICB EICLODED BBQOIBBD CLBARIBG BALABCES) PLOS VAULT CASH AT
IBSTITOTIOBS BITB BBQOIBBD BESEBFB BALABCBS PLOS flOLT CASB BQOAL TO REQOIBED RBSEBfES AT OTB1B IBSTITOTIOBS.
3/ COBSISTS OF BBSBRfB BALABCES ABD SBBTICB-BBLATBD BALABCBS ABD ADJOSTBEBTS AT FBDBBAL BBSBRfB BABKS IB TBE
COMMIT BBBK PLOS f AOLT CASB BBLD TBO BBBKS EARLIER OSBD TO SATISFY RESBBTB BEQOIBEBEBTS AT ALL DBPOSITOBI
IBSTITOTIOBS PLOS COBBBBCI OOTSIDB TBB O.S. THEASORI, FBDBBAL BBSBRfB BABKS, ABD TBB fAOLTS OF DEPOSITORY
IBSTITOTIOBS, PLOS SORPLOS VAULT CASB AT DEPOSITOBI IBSTITOTIOBS.