DEPARTMENT OF THE TREASURY 

EXCHANGE STABILIZATION FUND 

BALANCE SHEET 

As of December 31, 

(In Whole Dollars) 2023 

Assets 

Intra-Governmental

 Fund Balance with Treasury Note 1 $ 3,168,794,041.27

 Nonmarketable U.S. Treasury Securities 13,877,302,286.80

 Other Assets 275,881.53 

Total Intra-Governmental 17,046,372,209.60 

Other Than Intra-Governmental 

Foreign Currency and Other Monetary Assets

 Foreign Currency and Foreign Currency Denominated Assets Note 2 14,744,566,684.67

 Special Drawing Right Holdings and Related Interest Receivable Note 3 167,653,895,164.48 

Loans Receivable, Net Note 4 859,043,845.33 

Other Investments

 Investments in Special Purpose Vehicles Note 5 & 10 9,039,736,661.01

 Other Investments, Net Note 2 3,705,687,844.74 

Other Receivable -

Total Other Than Intra-Governmental 196,002,930,200.23 

Total Assets $ 213,049,302,409.83 

Liabilities: 

Intra-Governmental 

Debt Note 6 $ 11,927,142,283.42 

Due to the General Fund 46,544,579.76 

Other Liabilities Note 7 1,080,868,706.67 

Total Intra-Governmental 13,054,555,569.85 

Other than Intra-Governmental 

Special Drawing Right Allocations and Related Interest Payable Note 3 155,178,321,957.08 

Special Drawing Right Certificates Issued to Federal Reserve Banks 5,200,000,000.00 

Other Liabilities 767,705.80 

Total Other Than Intra-Governmental 160,379,089,662.88 

Total Liabilities Note 8 173,433,645,232.73 

Commitments and Contingencies 

Net Position: 

Unexpended Appropriations 

Funds from Dedicated Collections 200,000,000.00 

Funds from Other than Dedicated Collections 25,885,368.59 

Total Unexpended Appropriations (Consolidated) 225,885,368.59 

Cumulative Results of Operations 

Funds from Dedicated Collections 39,404,000,476.25 

Funds from Other than Dedicated Collections (14,228,667.74) 

Total Cumulative Results of Operations (Consolidated) 39,389,771,808.51 

Total Net Position 39,615,657,177.10 

Total Liabilities and Net Position $ 213,049,302,409.83 

See accompanying notes to financial statements. 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPARTMENT OF THE TREASURY 

EXCHANGE STABILIZATION FUND 

STATEMENTS OF NET COST 

As of December 31, 2023 

(In Whole Dollars) Month Fiscal Year 

STRATEGIC GOAL 1: EXCHANGE STABILIZATION 

Gross Cost 

Interest Expense on Special Drawing Rights Allocations $ 539,978,827.62 1,595,967,637.00 

International Monetary Fund Annual Assessment and Other $ 3,274.37 8,285.35 

Losses on Currency Valuation and Other 

Special Drawing Rights Holdings $ - 103,414,647.72 

Special Drawing Rights Allocations $ 967,538,699.72 3,170,919,539.20 

Foreign Currency and Foreign Currency Denominated Assets Note 9 $ 5,364.04 84,291,766.26 

Other Investment $ 24,679.00 153,293,280.56 

Total Losses on Currency Valuation and Other $ 967,568,742.76 $ 3,511,919,233.74 

Total Gross Cost – Exchange Stabilization $ 1,507,550,844.75 $ 5,107,895,156.09 

Less Earned Revenue 

Interest Income 

Nonmarketable U.S. Treasury Securities $ (64,653,246.28) (196,795,679.44) 

Foreign Currency and Foreign Currency Denominated Assets $ (3,811,358.58) (17,284,381.25) 

Special Drawing Rights Holdings $ (583,067,699.88) (1,719,667,915.62) 

Other Investments $ (24,350,335.48) (63,933,525.90) 

Total Interest Income $ (675,882,640.22) $ (1,997,681,502.21) 

Gains on Currency Valuation and Other

 Special Drawing Rights Holdings $ (1,046,028,282.85) (3,423,381,465.92)

 Special Drawing Rights Allocations $ - (97,311,228.45) 

Foreign Currency and Foreign Currency Denominated Assets Note 9 $ (315,148,575.53) (511,239,580.92) 

Other Investment $ (212,265,462.45) (709,715,054.44) 

Total Gains on Currency Valuation and Other $ (1,573,442,320.83) $ (4,741,647,329.73) 

Total Earned Revenue – Exchange Stabilization $ (2,249,324,961.05) $ (6,739,328,831.94) 

Total Net Cost (Income) of Operations – Exchange Stabilization $ (741,774,116.30) $ (1,631,433,675.85) 

STRATEGIC GOAL 2: ECONOMIC RECOVERY PROGRAM 

Gross Cost 

Interest Expense on Debt $ 8,310,671.25 38,028,090.47 

Administrative Expenses Note 10 $ 323,613.63 774,461.64 

Costs of Investments and Loans Receivables $ - -

Total Gross Cost – Economic Recovery Program $ 8,634,284.88 $ 38,802,552.11 

Less: Earned Revenue 

Interest Income on Uninvested Funds $ (91,960.52) (275,881.53) 

Interest Income on Credit Program Receivables $ (8,190,767.11) (26,025,478.26) 

Gains on Investments in Special Purpose Vehicles and Loans Receivable $ (27,941.17) (11,726,728.23) 

Total Earned Revenue – Economic Recovery Program $ (8,310,668.80) $ (38,028,088.02) 

Total Net Cost (Income) of Operations – Economic Recovery Program $ 323,616.08 $ 774,464.09 

Total Net Cost (Income) of Operations $ (741,450,500.22) $ (1,630,659,211.76) 

See accompanying notes to financial statements. 
EXCHANGE STABILIZATION FUND 

NOTES TO THE FINANCIAL STATEMENTS 

For the Current Month and Fiscal Year Periods Ending December 31, 2023 

1.) Fund Balance with Treasury (FBWT) of $3.2 billion will be used to fund adjustments to subsidy costs and repay borrowing from Treasury for loans and investments made under the Coronavirus Aid, 

Relief, and Economic Security Act (CARES Act). Treasury received distributions from the Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) during 

December 2023 resulting in a $3.1 billion increase in the ESF's FBWT (See footnote 5). Treasury also received $16 million of primarily principal and interest collections on various program loans (See 

footnote 4). Also, in accordance with the CARES Act, any excess amounts from the final distributions from our loans and investments after repayment of appropriations and borrowings will be deposited 

into the Federal Old-Age and Survivors Insurance Trust Fund (OASI) established under the Social Security Act. 

2.) Foreign Currency and Foreign Currency Denominated Assets (FCDAs) represent deposits and investments in foreign government securities denominated in both euro and yen, that have original 

maturities of three months or less. Some of these instruments may have been purchased at a premium and others may have been purchased at a discount. Premiums (that are amortized) and discounts (that 

accrete) are allocated to expense (amortization expense) and revenue, respectively, over the life of the instrument. Other Investments are FCDAs that have maturities of greater than three months. Treasury 

rebalances the portfolio between Foreign Currency and FCDAs and Investments from time-to-time based on its evaluation of its projected liquidity needs and interest revenues. Foreign Currency and 

FCDAs and Other Investments are reported at fair value. Valuation adjustment(s) are recorded as gains or losses on the statement of net cost on a monthly basis See Table #1 for a breakdown by currency. 

3.) The Special Drawing Rights Act of 1968 authorizes the United States to purchase and hold Special Drawing Rights (SDRs) through the ESF. In December 2023, Treasury, through the ESF, purchased 

SDR 166 million from Bangladesh in exchange for approximately $222 million. As of December 31, 2023, U.S. SDR Holdings were SDR 124 billion. Changes in both SDR Holdings and SDR 

Allocations also reflects changes in the foreign exchange rate. 

4.) The ESF has made economic recovery program loans using CARES Act appropriated funds and borrowings. Treasury's authority to disburse loans for these programs has expired. During December 

2023 outstanding loans decreased by $16 million primarily as a result of principal and interest collections on various program loans. Loan receivables are reported as the net present value of the estimated 

future cash flows which is updated annually. 

5.) As of December 31, 2023, three of Treasury’s initial six economic recovery programs with the Federal Reserve Banks of New York and Boston remain. On November 17, 2021, Treasury and the 

applicable Federal Reserve Banks amended and restated the limited liability company (LLC) agreements governing Treasury's investments in each of the Municipal Liquidity Facility (MLF), the Main 

Street Lending Program (MSLP), and the Term Asset-Backed Securities Loan Facility (TALF) to, among other things, provide for regular distributions to Treasury of the amounts by which Treasury's 

investment in each of TALF and MLF exceeds the facility's portfolio value, or the amount by which Treasury's investment in MSLP exceeds the original price paid for the loan participations held in the 

facility. In December 2023 Treasury received the remaining equity balance and related interest earnings from MLF in the amount of $2.919 billion and TALF in the amount of $146 million in accordance 

with the terms of the amended and restated LLC agreements listed above (See footnote 1). Treasury expects to receive final distributions of Treasury’s share of all remaining interest less reserves for 

anticipated expenses from both MLF and TALF in subsequent periods . The Money Market Mutual Fund Liquidity Facility (MMLF), the Commercial Paper Funding Facility (CPFF) and the Corporate 

Credit Facilities (CCF) programs have been terminated and unwound in accordance with their terms. The remaining investments are reported at fair value which is updated annually. Treasury has fulfilled 

its funding commitments with respect to investments made pursuant to the CARES Act. 

6.) Debt represents borrowings from Treasury through the Bureau of Fiscal Service (BFS) that were used, along with the appropriated fund balance, to fund the economic recovery program investments 

and loans authorized under the CARES Act. Collections from investments and cash collected from loan repayments are primarily used to repay debt. There were no debt repayments during the month of 

December 2023. The balances at the end of December 2023 are $2.8 billion for the MLF, $97 million for the TALF, $7.4 billion for the MSLP, $144 million for Passenger Air Carriers, $18 million for 

Cargo Air Carriers, and $607 million for National Security and Defense Business (NSD). 

7.) Other Liabilities, as stated in footnote 1, in accordance with the CARES Act, any excess amounts from the final distributions from our loans and investments after repayment of appropriations and 

borrowings will be deposited into the Federal Old-Age and Survivors Insurance Trust Fund (OASI) established under the Social Security Act. The increase in Other Liabilities primarily reflects the 

increase in the value of the Investments in Special Purpose Vehicles (footnote 5). 

8.) The ESF has an exchange stabilization agreement with Mexico for $9 billion; this agreement was renewed in November 2023 for an additional year. No drawings are outstanding under this agreement. 

9.) Foreign currency denominated assets and liabilities are revalued daily -- and reported monthly -- to reflect fluctuations in market exchange rates. These fluctuations in market exchange rates are 

reported in the Statement of Net Cost as either Losses or Gains on "Currency Valuation and Other." This gain or loss is unrealized to the Exchange Stabilization Fund until such time as the Fund sells the 

currency. 

10.) Up to $100 million of the funds appropriated by the CARES Act to the ESF is authorized to make payments for administrative expenses incurred in connection with loans, loan guarantees, and other 

investments authorized under the CARES Act. 
 

 

 

 

 

 

 

 

 

 

 

 

Table #1 – Foreign Currency and Foreign Currency Denominated Assets and Other Investments by Currency: 

Table 1 

(In Whole Dollars) 

Foreign Currency and Foreign Currency Denominated Assets 

European Euros: 

Deposits with Official Institutions 

Foreign Currency Denominated 

Uninvested Foreign Currency

 Total European euro 

Japanese Yen 

Deposits with Official Institutions 

Foreign Currency Denominated 

Uninvested Foreign Currency

 Total Japanese yen 

Accrued interest receivable on Foreign Currency and Foreign Currency Denominated Assets 

Total Foreign Currency and Foreign Currency Denominated Assets 

Other Investments, Net 

European Euros: 

Securities: 

Held Outright 

Held under Repurchase Agreements

 Total European euro 

Japanese Yen 

Securities: 

Held Outright 

Held under Repurchase Agreements

 Total Japanese yen 

Accrued Interest Receivable on Other Investments 

Total Other Investments, Net 

Table #2 - Valuation Losses & Gains, Net: 

Special Drawing Rights 

Special Drawing Rights Holdings - Loss / (Gain)

 Special Drawing Rights Allocations - Loss / (Gain)

 Net Loss / (Gain) 

Foreign Currency and Foreign Currency Denominated Asset

 Foreign Currency and Foreign Currency Denominated Asset - Loss 

Foreign Currency and Foreign Currency Denominated Asset - (Gain)

 Net Loss / (Gain) 

Other Investments Asset

 Other Investments - Loss 

Other Investments - (Gain)

 Net Loss / (Gain) 

Investments and Credit Program Receivables 

Costs of Investments and Credit Program Receivables 

Gains on Investments and Credit Program Receivables

 Net Investments and Credit Program Receivables 

Current Month 

$ 7,866,609,166.99 

$ 502,931,361.64 

$ 8,369,540,528.63 

$ -

$ 6,332,954,646.30 

$ 6,332,954,646.30 

$ 42,071,509.74 

$ 14,744,566,684.67 

$ 3,369,194,633.60 

$ -

$ 3,369,194,633.60 

$ 298,607,080.08 

$ -

$ 298,607,080.08 

$ 37,886,131.06 

$ 3,705,687,844.74 

Current Month Fiscal Year 

(1,046,028,282.85) 

967,538,699.72 

(78,489,583.13) 

(3,319,966,818.20)

3,073,608,310.75

(246,358,507.45) 

5,364.04 

(315,148,575.53) 

(315,143,211.49) 

84,291,766.26 

(511,239,580.92)

(426,947,814.66) 

24,679.00 

(212,265,462.45) 

(212,240,783.45) 

153,293,280.56 

(709,715,054.44)

(556,421,773.88) 

-

(27,941.17) 

(27,941.17) 

-

(11,726,728.23)

(11,726,728.23)