3.12 U.S. RESERVE ASSETS

Millions of dollars, end of period

Asset 2003 2004 2005

2006

Apr. May June July Aug. Sept. Oct. Nov.p

1 Total ................................. 85,938 86,824 65,127 66,846 67,706 67,935 67,559 66,606 66,217 65,588 66,705

2 Gold stock1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,043 11,045 11,043 11,041 11,041 11,041 11,041 11,041 11,041 11,041 11,041

3 Special drawing rights2,3 . . . . . . . . . . . . . . . . . 12,638 13,582 8,210 8,518 8,704 8,618 8,644 8,726 8,655 8,676 8,890

4 Reserve position in International Monetary Fund2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,535 19,479 8,036 7,219 7,219 7,906 7,460 6,715 6,619 5,577 5,309

5 Foreign currencies4 . . . . . . . . . . . . . . . . . . . . . 39,722 42,718 37,838 40,068 40,742 40,370 40,414 40,124 39,902 40,294 41,465

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. Valued at current market exchange rates.

3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1

Millions of dollars, end of period

Asset 2003 2004 2005

2006

Apr. May June July Aug. Sept. Oct. Nov.p

1 Deposits .............................. 162 80 83 86 86 142 88 89 98 104 90

Held in custody

2 U.S. Treasury securities2 ................. 845,080 1,041,215 1,069,014 1,097,103 1,093,393 1,089,512 1,095,248 1,116,941 1,098,848 1,111,991 1,116,038

3 Earmarked gold3 . . . . . . . . . . . . . . . . . . . . . . . 8,971 8,967 8,967 8,967 8,967 8,967 8,967 8,967 8,967 8,967 8,967

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.