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Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures
Reserves of depository institutions
tota|2
| nonborrowed
required
Period
millions of dollars
seasonal!'i adjusted
3
Monetary base
billions of dollars
OCTOBER 4, 1982
Reserves of depository institutions
required
total? ~ l nonborrowed
millions of dollars
not seasonally adjusted
Monetary base3
billions of dollars
1981 — AUG.
SEPT.
OCT.
NOV.
DEC.
37,337
37,721
37,603
37,615
37,988
35,917
36,265
36,422
36,952
37,351
37,045
37,307
37,325
37,270
37,668
160.0
160.6
160.8
161.2
162.7
37,058
37,519
37,696
37,782
38,662
35,638
36,063
36,515
37,119
38,025
36,766
37,105
37,418
37,438
38,34?
160. 3
160.2
160.8
162.6
165.8
1982—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AOG.
SEPT.
38,713
38,262
38,356
38,433
38,504
38,575
38,523
38,804
39,554
37,195
36,472
36,801
36,865
37,387
37,370
37,832
38,289
38,624
38,295
37,958
37,994
38,160
38,145
38,266
38,210
38,492
39,185
164.3
164.7
165.2
166.5
167.7
168.8
169.2
170.1
171.9
40,036
38,052
37,799
38,330
38,189
38,069
38,434
38,512
39,341
38,519
36,262
36,244
36,762
37,071
36,864
37,743
37,996
38,411
39,618
37,748
37,437
38,057
37,830
37,761
38,120
38,199
38,973
165.3
162.9
163.3
165.6
167.1
168.2
170.0
170-4
171.4
4
11
18
25
38,703
38,686
38,988
38,724
38,024
38,317
38,506
38,115
38,409
38,360
38,669
38,464
170.0
169.8
170.4
170.2
38,485
37,971
38,866
38,578
37,806
37,602
38,384
37,969
38,191
37,645
38,547
38,318
170.0
170.9
171.3
169.9
1
8
15 P
22 P
29 P
38,889
39,407
39,448
39,803
39,642
38,382
38,459
38,119
38,994
38,893
38,527
38,762
33,140
39,561
39,351
170.8
171.3
171.8
172.1
172.1
38,670
38,790
38,933
39,698
40,027
38,163
37,842
37,604
38,889
39,278
38,308
38,145
38,625
39,456
39,736
169-4
172.3
171.6
171.4
170.6
P
MEEK ENDING:
1982—AOG.
SEPT.
p - PRELIMINARY
1 / RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED NITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. 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 $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS {WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAOLT 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 FEEERAL 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.
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
tota|2
Period
nonborrowed
required
Monetary
base3
millions of dollars
1981 — A U G ,
SEPT.
OCT.
NOV.
DEC.
41,023
40,591
40,711
40,948
41,924
39,604
39,134
39,531
40,285
41,287
40,731
40,177
40,433
40,604
41,604
165.4
163.9
164.3
166.3
169.7
1982—JAN.
FEB.
MAE.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
43,203
41,286
39,235
39,557
39,550
39,565
39,967
40,178
39,950
41,685
39,496
37,660
37,989
38,433
38,360
39,275
39,662
39,020
42,784
40,382
38,873
39,284
39,191
39,257
39,653
39,866
39,581
169.1
166.8
165.4
167.6
169.2
170.4
172.3
172.8
172.3
4
11
18
25
39,995
39,488
40,633
40,303
39,316
39,119
40,151
39,694
39,701
39,162
40,314
40,043
172.3
173.2
173.9
172.4
1
8
15 P
22 P
29 P
40,428
39,365
39,541
40,244
40,570
39,921
38,417
38,212
39,435
39,821
40,066
38,720
39,233
40,002
40,279
172.0
173.1
172.4
172.2
171.4
P
WEEK ENDING:
1982—AUG.
SEPT.
1/
2/
3/
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 PROGRAM
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 $2.9 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;
AUGUST 13, 1981, AN INCREASE OF $230 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 BILLION; FEBRUARY 11, 1982 AN
INCREASE OF $170 MILLION; 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; AND SEPTEMBER 2, 1982, AN
ESTIMATED REDUCTION OF $1.2 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES
HAVE BEEN REDUCED BY SHIFTS OF HESERVABLE 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 TC $90 MILLION IN
DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982, 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