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FEDERAL RESERVE BiatiitiMt release 'v&gS^' H.3 (502) For Immediate Release '1 : : Table 1 SEPTEMBER AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE 20, 1982 1 Adjusted for changes in reserve requirements Averages of daily figures Reserves of depository institutions total2 non borrowed Period required millions of dollars seasonal l>/ adjusted Monetary base3 billions of dollars Reserves of depository institutions non borrowed total? required millions of dollars not seasonally adjusted Monetary base3 * billions of dollars 1981—JULY AUG. SEPT. OCT. NOV. DEC. 37,281 37,337 37,721 37,603 37,615 37,988 35,601 35,917 36,265 36,422 36,952 37,351 36,940 37,045 37,307 37,325 37,270 37,668 160.7 161.1 161.2 161.3 161.7 163.2 37,235 37,058 37,519 37,696 37,782 38,662 35,556 35,638 36,063 36,515 37,119 38,025 36,895 36,766 37,105 37,418 37,438 38,342 161.5 161.4 160.8 161.2 163.1 166.3 1982—JAN. PEB. HAR. APR. P 38,713 38,262 38,356 38,433 38,504 38,575 38,523 38,793 37,195 36,472 36,801 36,865 37,387 37,370 37,832 38,278 38,295 37,958 37,994 38,160 38,145 38,266 38,210 38,493 164.8 165.2 165.7 167.0 168.2 169.3 169.7 170.6 40,036 38,052 37,799 38,330 38,189 38,069 38,434 38,501 38,519 36,262 36,244 36,762 37,071 36,864 37,743 37,985 39,618 37,748 37,437 38,057 37,830 37,761 38,120 38,200 165.8 163.4 163.8 166.1 167.6 168.7 170.6 170.9 18 P 25 P 38,703 38,686 38,988 38,724 38,024 38,317 38,506 38,115 38,409 38,360 38,669 38,464 170.5 170.3 170.9 170.7 38,485 37,971 38,866 38,578 37,806 37,602 38,384 37,969 38,191 37,645 38,547 38,318 170.5 171.4 171.9 170.4 1 P 8 P 15 P 38,832 39,554 39,562 38,325 38,610 38,233 38,531 38,835 39,140 171.3 171.3 171.3 38,612 38,935 39,047 38,105 37,991 37,718 38,311 38,216 38,625 169.9 172.4 171.1 HAT JUNE JULY AUG. WEEK ENDING: 1982—AUG. U 11 SEPT. P - PRELIHINARY 1/ RESERVE AGGPEGATES INCLUDE REQUIRED RESERVES OF HEHBER BANKS AND EDGE ACT COPPORATIORS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH 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 AGGPEGATES 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 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 PESERVE 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 STATISTTCS, 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 Period total? nonborrowed required Monetary base3 millions of dollars 1 9 8 1 — JUL! AUG. SEPT. OCT. NOV. DEC. 41,007 41,023 40,591 40,711 40,948 41,924 39,328 39,604 39,134 39,531 40,285 41,287 40,667 40,731 40,177 40,433 40,604 41,604 165.4 165.4 163.9 164.3 166.3 169.7 1982—JAN. FEB. MAR. APR. HAT JUNE JULY AUG. P 43,203 41,286 39.235 39,557 39,550 39,565 39,967 40,167 41,685 39,496 37,680 37,989 38,433 38,360 39,275 39,652 42,784 40,982 38,873 39,284 39,191 39,257 39,653 39,867 169.1 166.8 165.4 167.6 169.2 170.4 172.3 172.8 4 11 18 P 25 P 39,995 39,488 40,633 40,303 39,316 39,119 40,151 39,694 39,701 39,162 40,314 •0,043 172.3 173.2 173.9 172.4 1 P 8 P 15 P 40,372 39,410 39,655 39,865 38,466 38,326 40,071 38,691 39,233 171.9 173.1 172.0 WEEK ENDING: ——-—1982—AUG. SEPT. 1/ 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; HAY 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 MILLION; 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 PEDUCTION OF $1.2 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESEPVABLE 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 TO 90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS. 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, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER