Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : September 26, 1983

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FEDERAL RESERVE statistical release
•wm?For Immediate Release

H 3 (502)
Table 1

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE

SEPT. 2 6 ,

1983

Adjusted for changes in reserve requirements!
Reserves of depository institutions
| nonborrowed I
required
tota|2
millions of dollars
seasonal h/ adjusted

Period

Monetary base3
billions of dollars

Reserves of depository institutions
total2
nonborrowed |
required
millions of dollars
not seasonally adjusted

Monetary base3
billions of dollars

1982—AUG.
SEPT.
OCT.
NOV.
DEC

34,699
35,107
35,367
35,829
36,231

34,183
34,173
34,890
35,208
35,597

34,387
34,723
34,963
35,427
35,731

166.4
167.7
168.8
169.8
171.1

34,141
34,817
35,424
36,090
36,962

33,625
33,883
34,946
35,469
36,328

33,828
34,433
35,020
35,688
36,462

166. 2
167. 3
168.7
171.0
174.4

1983—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.

35,634
3 6 , 100
36,803
37,153
3 7 , 129
37,612
37,800
37,694

35,104
35,517
36,011
36,144
36,177
35,976
36,347
36,148

35,086
35,664
36,370
36,677
36,680
37,132
37,293
37,247

171.9
173.8
176,1
177.3
178.8
180.3
181.1
182. 1

37,611
35,973
36,056
36,911
36,637
36,787
37,341
37,064

37,082
35,390
35,264
35,902
35,685
35,151
35,888
35,518

37,063
35,537
35,623
36,435
36,188
36,306
36,833
36,618

173.2
171.8
173.6
176.3
177.8
179.6
181.7
181.8

37,914
37,487
37,718
37,617
37,859

36,603
35,967
36,244
36,038
36,147

37,352
37,093
37,270
37,216
37,366

181.9
181.7
181.9
181.9
182.8

37,402
36,494
37,203
37,171
37,244

36,091
34,974
35,729
35,592
35,532

36,840
36,100
36,755
36,770
36,751

181.7
182.6
182.5
181.4
180.7

37,176
36,839
37,695

183.1
183.1
183.2

37,145
36,579
37,797

35,898
35,431
35,688

36,347
36,157
37,552

WEEK ENDING:
1 9 8 3 — AUG.

3
10
17
24
31

SEPT. 7 P
14 P
21 P

1/
2/
3/

1
|
I

37,974
37,261
37,940

j

36,727
36,113
35,831

|

i
|

184.0
182.7
182.6

RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IflPLEHENTATION OP THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED.
RESERVE BALANCES H U H 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 KEEKS EARIIER 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
Period

total2

nonborrowed

required

Monetary
base3
billions of dollars

millions of dollars
1982—AUG,
SEPT*
OCT.
NOV.
DEC,

40,178
39,962
40,587
41,199
41,853

39,662
39,028
40,109
40,578
41,219

39,866
39,578
40,182
40,797
41,353

172.8
172.4
173.8
176.0
179.3

1 9 8 3 — JAN.
FEB,
MAR.
APR.
MAY
JUNE
JULY
AUG.

41,864
39,798
38,035
38,650
38,282
38,415
38,948
38,661

41,334
39,215
37,243
37,640
37,330
36,779
37,495
37,115

41,316
39,362
37,602
38,174
37,833
37,934
38,440
38,214

177.9
176.0
175.9
178.4
179.8
181.6
183.7
183.8

3
10
17
24
31

39,016
38,087
38,806
38,751
38,846

37,705
36,567
37,332
37,172
37,134

38,454
37,693
38,358
38,350
38,353

183.7
184.6
184.5
183.4
182.8

7 P
14 P
21 P

37,687
37,133
38,341

36,440
35,985
36,232

36,889
36,711
38,096

184.5
183.3
183.1

WEEK ENDING:
1983—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 AND PROVISIONS OF THE DEPOSITORY INSTITUTIONS ACT OF 1982, 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; 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 ESTIMATED
REDUCTION OF $1.2 BILLION; OCTOBER 2d, 1982, AN ESTIMATED REDUCTION $100 MILLION; DECEMBER 23, 1982, AN ESTIMATED
REDUCTION OF $800 MILLION; MARCH 3, 1983, AN ESTIMATED REDUCTION OF $1.9 BILLION; AND SEPTEMBER 1, 1983, AN
ESTIMATED REDUCTION OF $1.1 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 REPCRTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND AGENCIES AND BRANCHES OF
FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBER 198 1
AND $180 TO $230 MILLION IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS.
ALSO, BEGINNING WITH THE WEEK ENDING APRIL 20, 1983, REQUIRED RESERVES WERE REDUCED AN ESTIMATED $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 WITfl FEDERAL RESERVE BANKS (WHICH EXCLUDED REQUIRED CLEARING BALANCES) PLUS VAULT CASH A*
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.