Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : September 7, 1982

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H.3 (502)
Table 1

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For Immediate Release

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SEPTEMBER 7, 1982

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements!
Averages of daily figures
Reserves of depository institutions
Period
total2
| non borrowed
required
millions of dollars
seasonally adjusted

Monetary base3
billions of dollars

Reserves 6T depository institutions
total2
non borrowed
required
millions of dollars
not seasonally adjusted

Monetary base3
billions of dollars

1981—JDNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

39,619
39,127
39,810
40,312
40,118
40,150
40,527

37,582
38,048
38,390
38,855
38,937
39,487
39,891

39,281
35,387
39,518
39,898
39,840
39,805
40,208

161.7
162.5
162.9
163.7
163.8
164.3
165-8

39,053
39,636
39,479
40,087
40,219
40,332
41,263

37,016
37,957
38,060
38,630
39,038
39,669
40,626

38,715
39,296
39,187
39,673
39,941
39,987
40,943

161.2
163.3
163.2
163.3
163.8
165,6
168.9

1982—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUGUST

P

41,277
40,927
41,090
41,181
41,329
41,441
41,425
41,853

39,759
39,137
39,534
39,613
40,212
40,236
40,734
41,337

40,859
40,623
40,728
40,908
40,971
41,133
41,111
41,536

167.4
167.9
168.5
169.8
171.0
172.1
172.6
173.7

42,696
40,735
40,533
41,086
40,984
40,882
41,284
41,501

41,178
38,946
38,977
39,518
39,867
39,678
40,592
40,986

42,278
40,432
40,172
40,813
40,625
40,574
40,970
41,184

168.5
166.1
166.5
168.9
170.4
171.5
173.4
173.9

P
P
P
P

41,635
41,658
42,100
41,801

40,956
41,289
41,617
41,192

41,341
41,332
41,789
41,532

173.4
173.2
174.0
173.8

41,364
40,861
41,920
41,602

40,685
40,492
41,437
40,993

41,070
40,535
41,609
41,333

173.4
174.3
174.9
173.4

SEPT. 1 P

41,999

41,492

41,612

174.6

41,734

41,227

41,347

173.2

WEEK ENDING:
1982—AUG.

4
11
18
25

P - PRELIMINARY
1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS 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 AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TQ
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF PEPORTS 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 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 INSTITUTTONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
NOTE: HISTORICAL DATA APE 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
total2

Period

nonborrowed

required

Monetary
base3

millions of dollars

1981—JUNE
JULY
AUG.
SEPT.
OCT,
NOV.
DEC.

40,442
41,007
41,023
40,591
40,711
40,948
41,924

38,405
39,328
39,604
39,134
39,531
40,285
41,287

40,104
40,667
40,731
40,177
40,433
40,604
41,604

163.3
165.4
165.4
163.9
164.3
166.3
169.7

1982—JAN.
FEB.
MAR.
APR.
HAY
JUNE
JULY
AUGUST

P

43,203
41,286
39,235
39,557
39,550
39,565
39,967
40,186

41,685
39,496
37,679
37,989
38,433
38,360
39,275
39,671

42,784
40,982
38,873
39,284
39,191
39,257
39,653
39,869

169.1
166.8
165.4
167.6
169.2
170.4
172.3
172.9

P
P
P
P

39,995
39,488
40,637
40,311

39,316
39,119
40,154
39,702

39,701
39,162
40,326
40,042

172.3
173.2
173.9
172.4

1 P

40,458

39,951

40,071

172.2

WEEK ENDING:
1982 —AUG.

SEPT.

1/

2/
3/

4
11
18
25

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 MONETABY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS
AND, BEGINNING NOVEMBER t3, 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: EFiFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 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 $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; NOVEMBER
13, 1981, AN INCREASE OF $220 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN
INCREASE OF $180 MILLION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED
INCREASE OF $160 MILLION AND AUGUST 12, 1982 AN ESTIMATED INCREASE OF $140 MILLION. 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 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.
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.