85 NOTES TO THE FINANCIAL STATEMENTS

Note 2. Cash and Other Monetary Assets

Cash and Other Monetary Assets as of September 30, 2021, and 2020

(In billions of dollars) 2021 2020

Unrestricted cash:

Cash held by Treasury for government-wide operations................................................................ 198.4 1,769.8 .................................

Other................................................................................................................................ 5.7 ................................ 5.0 ..........

Restricted................................................................................................................................ 46.0 ................................ 40.8 ......

Total cash ................................................................................................................................ 250.1 1,815.6 ................................

International monetary assets ................................................................................................ 197.0 ................................ 83.3 .........

Gold and silver ................................................................................................................................ 11.1 11.1..............................

Foreign currency................................................................................................................................ 16.8 16.9............................

Total cash and other monetary assets ................................................................475.0 ................................ 1,926.9 ........................

Unrestricted cash includes cash held by Treasury for government-wide operations (Operating Cash) and all other

unrestricted cash held by the federal entities. Operating Cash represents balances from tax collections, federal debt receipts,

and other various receipts net of cash outflows for federal debt repayments and other payments. Treasury checks outstanding

are netted against Operating Cash until they are cleared by the FR System. Other unrestricted cash not included in Treasury’s

Operating Cash balance includes balances representing cash, cash equivalents, and other funds held by entities, such as

undeposited collections, deposits in transit, demand deposits, amounts held in trust, and imprest funds. Operating Cash held

by Treasury decreased by $1,571.4 billion (a decrease of approximately 88.8 percent) in FY 2021 due to Treasury

maintaining an elevated cash balance in FY 2020 to maintain prudent liquidity in light of the size and relative uncertainty of

COVID-19 related outflows, combined with needing to reduce the cash balance to well under Treasury’s prudent policy level

at the end of FY 2021 due to debt ceiling constraints.

Restrictions on cash are due to the imposition on cash deposits by law, regulation, or agreement. Restricted cash is

primarily composed of cash held by the SAA, which executes Foreign Military Sales. The SAA included $38.6 billion and

$34.1 billion as of September 30, 2021, and 2020, respectively.

International monetary assets include the U.S. reserve position in the IMF and U.S. holdings of SDR. The U.S. reserve

position in the IMF had a U.S. dollar equivalent of $32.7 billion and $31.2 billion as of September 30, 2021, and 2020,

respectively. Only a portion of the U.S. financial subscription to the IMF is made in the form of reserve assets; the remainder

is provided in the form of a letter of credit. The balance available under the letter of credit totaled $83.0 billion and $85.0

billion as of September 30, 2021, and 2020 respectively. The total amount of SDR holdings of the U.S. was the equivalent of

$163.9 billion and $51.7 billion as of September 30, 2021, and 2020, respectively. This increase was due to Treasury

receiving an additional 79.5 billion SDR valued at $112.8 billion in response to the global economic stress caused by the

COVID-19 pandemic. For more information regarding the U.S. participation in the IMF and SDR, see Treasury’s financial

statements and Note 28—Disclosure Entities and Related Parties.

Gold is valued at the statutory price of $42.2222 per fine troy ounce. The number of fine troy ounces of gold was

261,498,927 as of September 30, 2021, and 2020. The market value of gold on the London Fixing was $1,743 and $1,887 per

fine troy ounce as of September 30, 2021, and 2020, respectively. In addition, silver is valued at the statutory price of

$1.2929 per fine troy ounce. The number of fine troy ounces of silver was 16,000,000 as of September 30, 2021, and 2020.

The market value of silver on the London Fixing was $21.53 and $23.73 per fine troy ounce as of September 30, 2021, and

2020, respectively. Gold totaling $11.0 billion as of September 30, 2021, and 2020, was pledged as collateral for gold

certificates issued and authorized to the FRBs by the Secretary of the Treasury. Gold certificates were valued at $11.0 billion

as of September 30, 2021, and 2020. Treasury may redeem the gold certificates at any time. Please refer to the financial

statements of Treasury for additional information regarding gold reserves and Treasury’s liability for gold.

The foreign currency is maintained by Treasury’s ESF and various U.S. federal entities as well as foreign banks.

Foreign currency is translated into U.S. dollars at the exchange rate at fiscal year-end.