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`G.5A(405)                                                       January 2, 2002





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2001 TOGETHER
               WITH COMPARABLE FIGURES FOR OTHER YEARS. AVERAGES ARE BASED ON DAILY NOON BUYING
               RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY
               THE FEDERAL RESERVE BANK OF NEW YORK.


                                              (Currency units per U.S. dollar except as noted)


                                 MONETARY
                  COUNTRY          UNIT         2001         2000         1999         1998

               *AUSTRALIA        DOLLAR          0.5169       0.5815       0.6454       0.6291
                BRAZIL           REAL            2.3527       1.8301       1.8207       1.1605
                CANADA           DOLLAR          1.5487       1.4855       1.4858       1.4836
                CHINA,P.R.       YUAN            8.2770       8.2784       8.2783       8.3008
                DENMARK          KRONE           8.3323       8.0953       6.9900       6.7030
               *EMU MEMBERS      EURO            0.8952       0.9232       1.0653       N.A.
                GREECE           DRACHMA         N.A.       365.92       306.30       295.70
                HONG KONG        DOLLAR          7.7997       7.7924       7.7594       7.7467
                INDIA            RUPEE          47.22        45.00        43.13        41.36
                JAPAN            YEN           121.57       107.80       113.73       130.99
                MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.9254
                MEXICO           PESO            9.337        9.459        9.553        9.152
               *NEW ZEALAND      DOLLAR          0.4202       0.4568       0.5294       0.5361
                NORWAY           KRONE           8.9964       8.8131       7.8071       7.5521
                SINGAPORE        DOLLAR          1.7930       1.7250       1.6951       1.6722
                SOUTH AFRICA     RAND            8.6093       6.9468       6.1191       5.5417
                SOUTH KOREA      WON          1292.01      1130.90      1189.84      1400.40
                SRI LANKA        RUPEE          89.602       76.964       70.868       65.005
                SWEDEN           KRONA          10.3425       9.1735       8.2740       7.9522
                SWITZERLAND      FRANC           1.6891       1.6904       1.5045       1.4506
                TAIWAN           DOLLAR         33.824       31.260       32.322       33.547
                THAILAND         BAHT           44.532       40.210       37.887       41.262
               *UNITED KINGDOM   POUND           1.4396       1.5156       1.6172       1.6573
                VENEZUELA        BOLIVAR       724.10       680.52       606.82       548.39

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     126.44       119.93       116.87       116.48
              2)MAJOR CURRENCY   MAR73=100     104.26        98.34        94.06        95.79
              3)OITP             JAN97=100     136.42       130.26       129.94       126.03

               This release is available online at http://www.federalreserve.gov/release/.

               For more information on exchange rate indexes for the U.S. dollar, see "New Summary Measures
               of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998),
               pp. 811-18 (http://www.federalreserve.gov/pubs/bulletin/) and "Index of the Weighted-Average
               Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978),
               p. 700. Weights for broad index can be found at http://www.federalreserve.gov/releases/
               H10/Weights; weights for the major currencies index and the other important trading partners
               (OITP) index are derived from the broad index weights.

               *  U.S. dollars per currency unit.
               1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies
               of a broad group of major U.S. trading partners.
               2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of
               the broad index currencies that circulate widely outside the country of issue.
               3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of
               the broad index currencies that do not circulate widely outside the country of issue.









               For information about your subscription to this release or about receiving it in document form,
               please call publication services at Federal Reserve Board at (202) 452-3244.

               As of the January 3, 2000 release, the euro is reported in place of the individual euro-area
               currencies. These currency rates can be derived from the euro rate by using the fixed
               conversion rates (in currencies per euro) given below:

                      1  EUR  =  13.7603  AUSTRIAN SCHILLINGS
                              =  40.3399  BELGIAN FRANCS
                              =  5.94573  FINNISH MARKKAS
                              =  6.55957  FRENCH FRANCS
                              =  1.95583  GERMAN MARKS
                              =  .787564  IRISH POUNDS
                              =  1936.27  ITALIAN LIRE
                              =  40.3399  LUXEMBOURG FRANCS
                              =  2.20371  NETHERLANDS GUILDERS
                              =  200.482  PORTUGUESE ESCUDOS
                              =  166.386  SPANISH PESETAS`

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