3.12 U.S. RESERVE ASSETS

Millions of dollars, end of period

Asset 2005 2006 2007

2007 2008

Nov. Dec. Jan. Feb. Mar. Apr. May Junep

1 Total ................................. 65,127 65,895 70,565 70,966 70,565 72,017 73,404 75,764 74,372 75,170 75,740

2 Gold stock1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,043 11,041 11,041 11,041 11,041 11,041 11,041 11,041 11,041 11,041 11,041

3 Special drawing rights2,3 . . . . . . . . . . . . . . . . . 8,210 8,870 9,476 9,536 9,476 9,566 9,688 9,892 9,767 9,771 9,849

4 Reserve position in International Monetary Fund2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,036 5,040 4,244 4,416 4,244 4,237 4,280 4,302 4,253 5,111 5,237

5 Foreign currencies4 . . . . . . . . . . . . . . . . . . . . . 37,838 40,943 45,804 45,973 45,804 47,173 48,395 50,529 49,311 49,247 49,613

NOTE: The data presented in this table are available in the monthly statistical release ‘‘U.S.

Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks,’’ on the Board’s

website at www.federalreserve.gov/releases.

1. Gold held ‘‘under earmark’’ at Federal Reserve Banks for foreign and international

accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold

stock is valued at $42.22 per fine troy ounce.

2. Special drawing rights (SDRs) are valued according to a technique adopted by the

International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of

exchange rates for the currencies of member countries. From July 1974 through December

1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.

SDR holdings and reserve positions in the IMF have also been valued on this basis since July

1974.

3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year

indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—

$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.

4. Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates as

may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal

currency swaps with the European Central Bank and the Swiss National Bank. At endDecember 2007 and end-January 2008 swaps outstanding were $20 billion and $4 billion

respectively. At end-February there were no swaps outstanding. At end-March swaps outstanding were $15 billion and $6 billion respectively. At end-April swaps outstanding were

$30 billion and $6 billion respectively. At end-May and end-June swaps outstanding were

$50 billion and $12 billion respectively.

3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1

Millions of dollars, end of period

Asset 2005 2006 2007

2007 2008

Nov. Dec. Jan. Feb. Mar. Apr. May Junep

1 Deposits .............................. 83 98 96 97 96 114 96 98 105 99 211

Held in custody

2 U.S. Treasury securities2 . . . . . . . . . . . . . . . . . 1,069,014 1,133,969 1,191,706 1,191,855 1,191,706 1,235,576 1,244,808 1,275,124 1,310,649 1,315,616 1,348,988

3 Earmarked gold3 . . . . . . . . . . . . . . . . . . . . . . . 8,967 8,967 8,710 8,724 8,710 8,697 8,643 8,595 8,548 8,534 8,521

NOTE: The data presented in this table are available in the monthly statistical release ‘‘U.S.

Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks,’’ on the Board’s

website at www.federalreserve.gov/releases.

1. Excludes deposits and U.S. Treasury securities held for international and regional

organizations.

2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury

securities, in each case measured at face (not market) value.

3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not

included in the gold stock of the United States.