79 NOTES TO THE FINANCIAL STATEMENTS

Note 2. Cash and Other Monetary Assets 

Cash and Other Monetary Assets as of September 30, 2019, and 2018 

(In billions of dollars) 2019 2018

Unrestricted cash: 

Cash held by Treasury for governmentwide operations ................................. 376.1 378.5

Other ......................................................................................................... 4.5 4.9

Restricted ..................................................................................................... 44.7 31.6

Total cash ............................................................................................... 425.3 415.0

International monetary assets ........................................................................ 73.3 66.7

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

Foreign currency ........................................................................................... 14.9 14.7

Total cash and other monetary assets ....................................................... 524.6 507.5

Unrestricted cash includes cash held by Treasury for governmentwide 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 the Treasury decreased by $2.4 billion (a decrease of approximately 1 percent) in fiscal year 2019 due to Treasury’s 

investment and borrowing decisions to manage the balance and timing of the government’s cash position. 

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 $37.1 billion and 

$26.3 billion as of September 30, 2019, and 2018, respectively. 

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

position in the IMF had a U.S. dollar equivalent of $23.0 billion and $15.4 billion as of September 30, 2019, and 2018, 

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 $89.7 billion and $100.0 

billion as of September 30, 2019, and 2018 respectively. The total amount of SDR holdings of the U.S. was the equivalent of 

$50.1 billion and $51.0 billion as of September 30, 2019, and 2018, respectively. For more information regarding the U.S. 

participation in the IMF and SDRs, see Treasury’s AFR and Note 25—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, 2019, and 2018. The market value of gold on the London Fixing was $1,485 and $1,187 per 

fine troy ounce as of September 30, 2019, and 2018, 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, 2019, and 2018. 

The market value of silver on the London Fixing was $17.26 and $14.31 per fine troy ounce as of September 30, 2019, and 

2018, respectively. Gold totaling $11.0 billion as of September 30, 2019, and 2018, 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, 2019, and 2018. Treasury may redeem the gold certificates at any time. Please refer to the financial 

statements of Treasury for detailed information regarding gold reserves and Treasury’s liability for gold. Foreign currency is 

translated into U.S. dollars at the exchange rate at fiscal year-end. The foreign currency is maintained by Treasury’s 

Exchange Stabilization Fund and various U.S. federal entities as well as foreign banks.