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FEDERAL RESEFWgma«atcal release H.3 (502) IJHBJ)~ For Immediate Release Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions total 2 non borrowed Period required millions of dollars seasonally adjusted Monetary base3 billions of dollars Reserves of depository institutions required total2 non borrowed millions of dollars not seasonally adjusted Monetary base3 billions of dollars 1982—APR. MAY JUNE JUL! AUG. SEPT. OCT. NOV. DEC. 38,657 38,773 38,955 39,007 39,205 39,656 39,932 40,408 40,783 37,089 37,656 37,750 38.315 38,690 38,723 39,454 39,787 40,149 38,384 38,414 38,647 38,693 38,893 39,273 39,528 40,006 40,283 166.8 168.2 169.3 169.9 170.9 172.1 173.2 174.3 175.6 38,427 38,284 38,164 38,530 38.609 39,356 39,997 40,679 41,560 36,859 37,167 36,960 37,838 38,093 38,423 39,519 40,058 40,926 38,154 37,925 37,856 38,216 38,296 38,973 39,592 40,277 41,059 166.0 167.3 168.5 170.4 170.7 171.7 173.2 175.4 178.9 1983—JAN. FEB. MAR. APR. 40,119 40,341 41,003 41,302 39,589 39,758 40.211 40,297 39,570 39,905 40,570 40,829 176.3 178.0 180.2 181.3 42,216 40,227 40,230 41,048 41,687 39,644 39,439 40,043 41,668 39,791 39,797 40,575 177.7 175.9 177.7 180.3 P WEEK E N D I N G : 1983—APR. 6 13 20 27 P 4 1,264 40,977 41,722 41,107 39,507 40,402 41,065 39,936 40,632 40,414 41,503 40,664 180.8 180.6 181.7 181.5 40.223 40,036 41,858 41,535 38,466 39,461 41,201 40,364 39,591 39.473 41.639 41,092 179.8 180.0 181.0 179.9 MAI. 4 P l^ P 41,614 40,725 40,686 40,016 41,008 40,389 182.5 181.8 42,031 40,313 41.103 39,604 41,425 39,977 181-7 181.8 1/ 2/ 3/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITOR! INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF BDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. RESERVE BALANCES ilTH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS NITH 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 NBEK PLUS VAULT CASH HELD TNO iEEKS 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. NOTfisi HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEAHCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, HASHINGTON, 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 institutions 1 Period total2 nonborrowed required Monetary base3 millions of dollars 1982—APR, HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC- 39,557 39,550 39,565 39,967 40,178 39,962 40,587 41,199 41,853 37,989 38,433 38,360 39,275 39,662 39,028 40,109 40,578 41,219 39,284 39,191 39,257 39,653 39,866 39,578 40,182 40,797 41,353 167.6 169.1 170.5 172.4 172.8 172.4 173.8 176.0 179.3 1983—JAN. FEBHAR. APR. P 41,864 39,798 38,035 38,649 41,334 39,215 37,244 37,644 41,316 39,362 37,602 38,176 177.9 176.0 175.9 178.4 WEEK E N D I N G : 1/ 2/ 3/ 1983—APR. 6 13 20 27 P 37,928 37,728 39,389 39,062 36,171 37,153 38,732 37,891 37,296 37,165 39,170 38,619 178.0 178.2 179.0 178.0 HAY. 4 P 11 P 39,550 37,904 38,622 37,195 38,944 37,568 179.8 179.9 RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES NITH NO ADJUSTMENTS TO ELIHINATE 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 PROGRAM OF THE MONETARY CONTROL ACT OF 1980 AND PROVISIONS OF THE DEPOSITORY INSTITUTIONS ACT OF 1982, THE NET CHANGES IN REQUIRED RESERVES CF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: 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; NOVEMBER 12, 1981, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MIILION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF $150 MILLION; AUGUST 12, 1982, AN ESTIMATED INCREASE OF $140 MILLION; SEPTEMBER 2, 1982, AN ESTIHATED REDUCTION OF $1.2 BILLION; OCTOBER 28, 1982, AN ESTIHATED REDUCTION $100 MILLION; DECEMBER 23, 1982 # AN ESTIMATED REDUCTION OF $800 MILLION; AND MARCH 3, 1983, AN ESTIMATED REDUCTION OF $1.9 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE 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 BANK% AND AND AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LORERED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $23 0 MILLION IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESSRTABLE EUROCURRENCY TRANSACTIONS. ALSO, BEGINNING WITH THE WEEK ENDING APRIL 20, 1983, REQUIRED RESER7ES WERE REDUCED AN ESTIHATED $80 MILLION AS A RESULT OF THE ELIMINATION OF RESERVE REQUIREMENTS ON NONPERSONAL TIME DEPOSITS WITH MATURITIES OF 2-1/2 YEARS OR MORE TO LESS THAN 3-1/2 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 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