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FEDERAL RESER^Er rtrr^iJJ \ # ical release IV 1 H.3 (502) For Immediate Release 4A^^;;!^ Table 1 ONETARY BASE AGGREGATE RESERVES OF DEPO Adjusted for changes in reserve requirements1 Averages of daily figures Reserves of depository institutions Period tota|2 j nonborrowed required millions of dolters seasonal/ adjusted Monetary base^ billions of dollars NOVEMBER 8, 1582 Reserves of depository institution total2 nonborrowed required millions of dollars not seasonally adjusted Monetary base^ billions of dollars 1981—SEPI. OCT. NOV. DEC. 37,721 37,603 37,615 37,988 36,265 36,422 36,952 37,351 37,307 37,325 37,270 37,668 160.6 160.8 161.2 162.7 37,519 37,696 37,782 38,662 36,063 36,515 37,119 38,025 37,105 37,418 37,438 38,342 160.2 160. 8 162.6 165. 8 1982—JAN. FEB. NAB. APR. MAY JUNE JULY AOG. SEPT. OCT, P 38,7t3 38,262 38,356 3 8 , 433 38,504 38,575 38,523 38,804 39,566 33,888 37,*95 36,472 36,801 36,865 37,387 37,370 37,832 38,289 38,632 39,411 38,295 37,958 37,994 38,160 38,145 38,266 38,210 38,492 39,1*2 39^472 164.3 164.7 165.2 166.5 167.7 168.8 169.2 17Q.1 17t.9 172-9 40,036 38,052 37,799 38,330 38,18S 38,069 38,434 38,512 39,353 40,0W 38#519 36,262 36,244 36,762 37,071 36,864 37,743 37,996 38,420 39,532 39,618 37,748 37,437 38,057 37,830 37,761 38,120 38,199 38,969 39,593 165.3 162.9 163.3 165.6 167.1 168.2 170.0 170.4 171.4 173.0 1982-OCT. 6 13 20 P 27 P 39,846 39,196 40,192 40,130 39,240 38,831 39,677 39,678 39,335 38,734 39,893 39,800 172.3 172.2 173.1 173.2 39,655 38,710 40,689 40,530 39,049 38,345 40,174 40,078 39,144 38,248 40,390 40,200 172.6 172.6 173.5 172.3 NOV, 3 P 40,208 39,749 39,656 173.4 40,717 40,258 40,165 173.5 WEEK ENDING: 1/ 2/ ?/ ' RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISC0NTIN0ITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN ^MOVED. BEGINNING WITH THE WEEK LNDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF BESERVABLE LIABILITIES TO TNTERN^TIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY 0.S. C o S o B C I A L N B A N K S N A N r o f ^ i G l N c L f f N D BRANCHES 0* FOREIGN BANKS IT ^ f t ^ ^ ^ " ^ ^ ^ M j ? ? ^ ^ 2 B E S B R V E S S E E E LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT ^ ^ T U T I O N S WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. TNCL0DE5 RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN UHE CURRENT WEEK PLUS VAUL? S s H HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURREN^ OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. NOTE: HISTORICAL DATA ARE AVAILABLE FSOM TBB BANKIHG SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYS2EB, 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 1981—SEPT. OCT. NOV. DEC. 40,591 40,711 40,948 41,924 39,134 39,531 40,285 41,287 40,177 40,433 40,604 41,604 163.9 164.3 166.3 169.7 1982—JAN, .FEB. MARAPR. MAY JONE JOLY AOG. SEPT. OCT. P 43,203 41,286 39,235 39,557 39,550 39,565 39,967 40,178 39,962 40,600 41,685 39,496 37,680 37,989 38,433 38,360 39,275 39,662 39,028 40,123 42,784 40,982 38,873 39,284 39,191 39,257 39,653 39,866 39,578 40,184 169.1 166.8 165.4 167«6 169.2 170.4 172.3 172.8 172.3 173.9 1 9 8 2 - OCT. 6 13 20 P 27 P 40,248 39>349 41,271 41,108 39,642 38,984 :0,756 40,656 39,737 38,887 40,972 40,778 173.5 173.6 174.4 173.3 1 9 8 2 - NOV. 3 P 41,255 40,796 40,703 174.4 WEEK ENDING: i , BESEBVES Of DEPOSITOBY INSTITOTIONS SERIES BEFLECT ACTUAL BESEBVE BEQUIBEMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN BEGUIATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT. INCLUDES BEQUIBED BESEBVES OF MEMBEB BANKS AND EDGE ACT C0BP0BATIONS AND, BEGINNING NOVEMBEB 13, 1980# OTHEB DEPOSITOBY INSTITUTIONS. UNDEB THE TBANSITIONAL PHASE-IN PBOGBAM OF THE MONETABY CONTBOL ACT OF 1980* THE NET CHANGES IN BEQUIBED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS POLLOWS: EFFECTIVE NOVEMBER 13, 1980, A DEDUCTION OF $2.9 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCBEASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, JIN INCBEASE OF $230 MILLION; SEPTEMBER 3, 1981, A BEDOCTION OF $1.1 BILLION; NOVEMBER 12 1981, il INCBEASE OF $210 MILLION; JANUABY 14, 1982, A BEDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MILLION; MABCH 4, 1982, AN ESTIMATED BEDUCTION CF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF $150 MILLION; AUGUST 12, 1982 AN ESTIMATED INCREASE OF $140 MILLION; AND SEPTEMBER 2, 1982, AN ESTIMATED BEDUCTION OF $1.2 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGBEGATES HAVE BEEN BEDUCED BY SHIFTS OF BESEBVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OiF BEPCBIS OF LIABILITIES TBANSFEBBED TO IBFS BY U.S. COMMEBCIAL BANKS AND U.S. AGENCIES AND BBANCHES OF FOiREIGN BANKS, IT IS ESTIMATED THAT BEQUIBED BESEBVES WEBE LOWERED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUABY 1982, MOSTLY BEFLECTING A REDUCTION IN BESEBVABLE EUBOCUBBENCY TRANSACTIONS 2/ BESEBVE BALANCES WITH FEDEBAL BESEBVE BANKS (WHICH EXCLUDE BEQUIBED CLEABING BALANCES) PLOS VAULT CASH AT INSTITUTIONS WITH BEQUIBED BESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES BESEBVE BALANCES AND BEQUIBED CLEABING BALANCES AT FEDEBAL BESEBVE BANKS IN THE CUBRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EABLIEB USED TO SATISFY BESEBVE BEQUIBEMENTS AT ALL DEPOSITOBY INSTITUTIONS PLUS CUBBENCY OUTSIDE THE U.S. TBEASUBY, FEDEBAL BESEBVE BANKS, THE VAULTS OF DEPOSITOBY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITOBY INSTITUTIONS. V
@FedFRASER