G.5A(405)                                                       January 3, 2007





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2006 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         2006         2005         2004         2003

               *AUSTRALIA        DOLLAR          0.7535       0.7627       0.7365       0.6524
                BRAZIL           REAL            2.1738       2.4352       2.9262       3.0750
                CANADA           DOLLAR          1.1340       1.2115       1.3017       1.4008
                CHINA,P.R.       YUAN            7.9723       8.1936       8.2768       8.2772
                DENMARK          KRONE           5.9422       5.9953       5.9891       6.5774
               *EMU MEMBERS      EURO            1.2563       1.2449       1.2438       1.1321
                HONG KONG        DOLLAR          7.7681       7.7775       7.7891       7.7875
                INDIA            RUPEE          45.19        44.00        45.26        46.59
                JAPAN            YEN           116.31       110.11       108.15       115.94
                MALAYSIA         RINGGIT         3.6661       3.7869       3.8000       3.8000
                MEXICO           PESO           10.906       10.894       11.290       10.793
               *NEW ZEALAND      DOLLAR          0.6492       0.7049       0.6643       0.5822
                NORWAY           KRONE           6.4095       6.4412       6.7399       7.0803
                SINGAPORE        DOLLAR          1.5882       1.6639       1.6902       1.7429
                SOUTH AFRICA     RAND            6.7668       6.3606       6.4402       7.5550
                SOUTH KOREA      WON           954.32      1023.75      1145.24      1192.08
                SRI LANKA        RUPEE         103.940      100.383      101.268       96.541
                SWEDEN           KRONA           7.3718       7.4710       7.3480       8.0787
                SWITZERLAND      FRANC           1.2532       1.2459       1.2428       1.3450
                TAIWAN           DOLLAR         32.506       32.131       33.372       34.405
                THAILAND         BAHT           37.876       40.252       40.271       41.556
               *UNITED KINGDOM   POUND           1.8434       1.8204       1.8330       1.6347
                VENEZUELA        BOLIVAR      2144.60      2107.13      1886.13      1613.43

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     108.52       110.71       113.63       119.11
              2)MAJOR CURRENCY   MAR73=100      82.46        83.71        85.37        92.99
              3)OITP             JAN97=100     135.38       138.89       143.38       143.52

               This release is available online at http://www.federalreserve.gov/releases/g5a.

               For more information on exchange rate indexes for the U.S. dollar, see "Indexes of the Foreign
               Exchange Value of the Dollar," Federal Reserve Bulletin, 91:1 (Winter 2005), pp. 1-8
               (http://www.federalreserve.gov/pubs/bulletin/2005/winter05_index.pdf). Weights for the major
               currencies index and the other important trading partners (OITP) index are derived from the
               broad index weights. The source for exchange rates not listed in the table above but used in
               the calculation of the broad and OITP indexes is Bloomberg.

               *  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.









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               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  EURO =  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
                              =  340.750  GREEK DRACHMAS
                              =  239.640  SLOVENIAN TOLAR