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Interest on Reserves and the Current High Level of Excess Reserves

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Interest on Reserves and the Current High Level of Excess Reserves

DATE: October 2009

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ABSTRACT: Banks are holding substantially more excess reserves than in August 2008.
The Federal Reserve began paying interest on reserves in October 2008 and currently is paying an interest rate on reserves similar to rates on short-term Treasury securities.
Payment of interest on reserves accounts for much, though probably not all, of the increase in excess reserves.

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Federal Reserve Bank of Atlanta. "Interest on Reserves and the Current High Level of Excess Reserves," Notes from the Vault (October 2009). https://fraser.stlouisfed.org/title/7163/item/656196, accessed on December 2, 2023.

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