G.5A(405)                                                       January 2, 2004





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2003 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         2003         2002         2001         2000

               *AUSTRALIA        DOLLAR          0.6524       0.5437       0.5169       0.5815
                BRAZIL           REAL            3.0750       2.9213       2.3527       1.8301
                CANADA           DOLLAR          1.4008       1.5704       1.5487       1.4855
                CHINA,P.R.       YUAN            8.2772       8.2771       8.2770       8.2784
                DENMARK          KRONE           6.5774       7.8862       8.3323       8.0953
               *EMU MEMBERS      EURO            1.1321       0.9454       0.8952       0.9232
                HONG KONG        DOLLAR          7.7875       7.7996       7.7997       7.7924
                INDIA            RUPEE          46.59        48.63        47.22        45.00
                JAPAN            YEN           115.94       125.22       121.57       107.80
                MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
                MEXICO           PESO           10.793        9.663        9.337        9.459
               *NEW ZEALAND      DOLLAR          0.5822       0.4645       0.4202       0.4568
                NORWAY           KRONE           7.0803       7.9839       8.9964       8.8131
                SINGAPORE        DOLLAR          1.7429       1.7908       1.7930       1.7250
                SOUTH AFRICA     RAND            7.5550      10.5176       8.6093       6.9468
                SOUTH KOREA      WON          1192.08      1250.31      1292.01      1130.90
                SRI LANKA        RUPEE          96.541       95.773       89.602       76.964
                SWEDEN           KRONA           8.0787       9.7233      10.3425       9.1735
                SWITZERLAND      FRANC           1.3450       1.5567       1.6891       1.6904
                TAIWAN           DOLLAR         34.405       34.536       33.824       31.260
                THAILAND         BAHT           41.556       43.019       44.532       40.210
               *UNITED KINGDOM   POUND           1.6347       1.5025       1.4396       1.5156
                VENEZUELA        BOLIVAR      1613.43      1161.19       724.10       680.52

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     119.09       126.66       125.93       119.45
              2)MAJOR CURRENCY   MAR73=100      93.00       105.99       107.67       101.58
              3)OITP             JAN97=100     143.54       140.36       135.91       129.84

               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. The source for exchange rates not listed
               in the table above but used in the calculation of the broad and OITP indexes is Reuters Limited.

               *  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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               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