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Board of Governors of the Federal Reserve System
                
                
                    
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                        Aggregate Reserves of Depository Institutions and the Monetary Base - H.3

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Release Date: February 13, 2020

Not seasonally adjusted. Millions of dollars unless otherwise noted. 
                
                    
                        Date
                        Reserve balances required
                        Reserve balances maintained  4
                    
                    
                        
                            Reserve balance 
                            requirements  1
                        
                        
                            Top of penalty- 
                            free band  2
                        
                        
                            Bottom of penalty- 
                            free band  3
                        
                        Total
                        
                            Balances 
                            maintained to 
                            satisfy reserve 
                            balance 
                            requirements  5
                        
                        
                            Balances 
                            maintained that 
                            exceed the top of 
                            the penalty- 
                            free band  6
                        
                    
                
                
                    
                         Month  7
                    
                    
                        Jan. 2019
                        131,130
                        144,255
                        118,006
                        1,639,030
                        143,615
                        1,495,414
                    
                    
                        Feb. 2019
                        125,129
                        137,655
                        112,606
                        1,645,233
                        137,128
                        1,508,105
                    
                    
                        Mar. 2019
                        128,423
                        141,279
                        115,569
                        1,661,297
                        140,926
                        1,520,371
                    
                    
                        Apr. 2019
                        130,120
                        143,144
                        117,098
                        1,559,450
                        142,641
                        1,416,809
                    
                    
                        May 2019
                        134,717
                        148,200
                        121,237
                        1,511,285
                        147,792
                        1,363,493
                    
                    
                        June 2019
                        134,908
                        148,409
                        121,408
                        1,535,857
                        148,025
                        1,387,832
                    
                    
                        July 2019
                        135,103
                        148,624
                        121,584
                        1,513,550
                        148,191
                        1,365,359
                    
                    
                        Aug. 2019
                        134,639
                        148,114
                        121,167
                        1,520,876
                        147,555
                        1,373,321
                    
                    
                        Sept. 2019
                        134,707
                        148,188
                        121,227
                        1,439,771
                        147,498
                        1,292,273
                    
                    
                        Oct. 2019
                        134,998
                        148,509
                        121,489
                        1,481,513
                        148,050
                        1,333,462
                    
                    
                        Nov. 2019
                        140,705
                        154,787
                        126,625
                        1,529,341
                        154,256
                        1,375,085
                    
                    
                        Dec. 2019
                        138,984
                        152,893
                        125,076
                        1,630,090
                        152,562
                        1,477,528
                    
                    
                        Jan. 2020
                        144,816
                        159,309
                        130,326
                        1,645,384
                        158,765
                        1,486,619
                    
                    
                         
                    
                    
                         Two weeks ending  8
                    
                    
                        Dec. 18, 2019
                        129,562
                        142,529
                        116,596
                        1,649,453
                        142,171
                        1,507,282
                    
                    
                        Jan. 1, 2020
                        146,015
                        160,627
                        131,404
                        1,633,887
                        160,418
                        1,473,469
                    
                    
                        Jan. 15, 2020
                        135,017
                        148,531
                        121,506
                        1,670,444
                        148,025
                        1,522,419
                    
                    
                        Jan. 29, 2020
                        156,503
                        172,164
                        140,844
                        1,619,016
                        171,564
                        1,447,452
                    
                    
                        Feb. 12, 2020
                        131,006
                        144,118
                        117,897
                        1,660,291
                        143,526
                        1,516,765
                    
                
            
            
                Footnotes
                
                    Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
                    Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
                    Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
                    Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
                    Equals the sum of balances maintained up to the top of each institution's penalty-free band.
                    Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
                    Prorated averages of biweekly averages.
                    Averages of daily figures.

Not seasonally adjusted. Millions of dollars. 
                
                    
                        Date
                        Reserves
                        Vault cash  2
                        Monetary base
                    
                    
                        Total  1
                        Required
                        Total
                        
                            Used to satisfy 
                            required 
                            reserves  3
                        
                        Surplus  4
                        Total  5
                        
                            Total balances 
                            maintained  6
                        
                        
                            Currency in 
                            circulation
                        
                    
                
                
                    
                         Month  7
                    
                    
                        Jan. 2019
                        1,707,256
                        199,356
                        80,389
                        68,226
                        12,163
                        3,346,879
                        1,639,030
                        1,707,849
                    
                    
                        Feb. 2019
                        1,713,683
                        193,579
                        81,298
                        68,450
                        12,848
                        3,353,467
                        1,645,233
                        1,708,234
                    
                    
                        Mar. 2019
                        1,725,938
                        193,064
                        76,814
                        64,640
                        12,174
                        3,381,455
                        1,661,297
                        1,720,158
                    
                    
                        Apr. 2019
                        1,623,904
                        194,575
                        76,135
                        64,455
                        11,681
                        3,286,650
                        1,559,450
                        1,727,201
                    
                    
                        May 2019
                        1,576,309
                        199,742
                        75,826
                        65,024
                        10,802
                        3,244,460
                        1,511,285
                        1,733,175
                    
                    
                        June 2019
                        1,601,309
                        200,360
                        76,106
                        65,452
                        10,654
                        3,274,825
                        1,535,857
                        1,738,968
                    
                    
                        July 2019
                        1,578,615
                        200,169
                        76,485
                        65,065
                        11,419
                        3,260,316
                        1,513,550
                        1,746,765
                    
                    
                        Aug. 2019
                        1,586,844
                        200,608
                        78,450
                        65,969
                        12,482
                        3,271,378
                        1,520,876
                        1,750,502
                    
                    
                        Sept. 2019
                        1,504,805
                        199,741
                        76,549
                        65,035
                        11,515
                        3,202,668
                        1,439,771
                        1,762,898
                    
                    
                        Oct. 2019
                        1,547,136
                        200,621
                        76,659
                        65,623
                        11,036
                        3,252,807
                        1,481,513
                        1,771,294
                    
                    
                        Nov. 2019
                        1,595,222
                        206,586
                        76,920
                        65,881
                        11,039
                        3,315,551
                        1,529,341
                        1,786,209
                    
                    
                        Dec. 2019
                        1,698,344
                        207,239
                        80,167
                        68,255
                        11,913
                        3,426,483
                        1,630,090
                        1,796,393
                    
                    
                        Jan. 2020
                        1,715,219
                        214,652
                        81,206
                        69,835
                        11,371
                        3,442,621
                        1,645,384
                        1,797,238
                    
                    
                         
                    
                    
                         Two weeks ending  8
                    
                    
                        Dec. 18, 2019
                        1,715,858
                        195,967
                        80,583
                        66,405
                        14,178
                        3,441,841
                        1,649,453
                        1,792,388
                    
                    
                        Jan. 1, 2020
                        1,704,395
                        216,523
                        80,661
                        70,508
                        10,153
                        3,436,410
                        1,633,887
                        1,802,523
                    
                    
                        Jan. 15, 2020
                        1,738,005
                        202,578
                        81,249
                        67,561
                        13,688
                        3,471,580
                        1,670,444
                        1,801,136
                    
                    
                        Jan. 29, 2020
                        1,690,759
                        228,246
                        80,726
                        71,743
                        8,983
                        3,412,505
                        1,619,016
                        1,793,490
                    
                    
                        Feb. 12, 2020
                        1,732,355
                        203,070
                        84,535
                        72,064
                        12,471
                        3,453,833
                        1,660,291
                        1,793,542
                    
                
            
            
                Footnotes
                
                    Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
                    Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements.
                    All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.
                    Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
                    Equals total balances maintained plus currency in circulation.
                    Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
                    Prorated averages of biweekly averages.
                    Averages of daily figures.

Not seasonally adjusted. Millions of dollars. 
                
                    
                        Date
                        Borrowings from the Federal Reserve
                        
                            Nonborrowed 
                            reserves  1
                        
                    
                    
                        Total
                        Primary
                        Secondary
                        Seasonal
                        
                            Other credit 
                            extensions
                        
                    
                
                
                    
                         Month  2
                    
                    
                        Jan. 2019
                        26
                        20
                        0
                        6
                        0
                        1,707,230
                    
                    
                        Feb. 2019
                        19
                        7
                        0
                        12
                        0
                        1,713,664
                    
                    
                        Mar. 2019
                        15
                        7
                        0
                        8
                        0
                        1,725,923
                    
                    
                        Apr. 2019
                        30
                        14
                        0
                        15
                        0
                        1,623,875
                    
                    
                        May 2019
                        56
                        18
                        0
                        38
                        0
                        1,576,254
                    
                    
                        June 2019
                        80
                        20
                        0
                        60
                        0
                        1,601,229
                    
                    
                        July 2019
                        120
                        9
                        0
                        111
                        0
                        1,578,495
                    
                    
                        Aug. 2019
                        117
                        16
                        0
                        101
                        0
                        1,586,727
                    
                    
                        Sept. 2019
                        101
                        15
                        0
                        86
                        0
                        1,504,704
                    
                    
                        Oct. 2019
                        63
                        4
                        0
                        59
                        0
                        1,547,073
                    
                    
                        Nov. 2019
                        26
                        4
                        0
                        22
                        0
                        1,595,196
                    
                    
                        Dec. 2019
                        21
                        10
                        0
                        11
                        0
                        1,698,323
                    
                    
                        Jan. 2020
                        6
                        5
                        0
                        1
                        0
                        1,715,213
                    
                    
                         
                    
                    
                         Two weeks ending  3
                    
                    
                        Dec. 18, 2019
                        23
                        13
                        0
                        10
                        0
                        1,715,835
                    
                    
                        Jan. 1, 2020
                        20
                        9
                        0
                        11
                        0
                        1,704,375
                    
                    
                        Jan. 15, 2020
                        5
                        4
                        0
                        2
                        0
                        1,738,000
                    
                    
                        Jan. 29, 2020
                        6
                        6
                        0
                        0
                        0
                        1,690,753
                    
                    
                        Feb. 12, 2020
                        3
                        3
                        0
                        0
                        0
                        1,732,352
                    
                
            
            
                Footnotes
                
                    Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
                    Prorated averages of biweekly averages.
                    Averages of daily figures.

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# Board of Governors of the Federal Reserve System

## Aggregate Reserves of Depository Institutions and the Monetary Base - H.3

### Current Release    PDF   RSS   DDP

#### Table 1

### Footnotes

#### Table 2

### Footnotes

#### Table 3

### Footnotes

###### Board of Governors *of the* Federal Reserve System

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- <a href="/releases/h3/current/default.htm"
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1. Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
2. Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
3. Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
4. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
5. Equals the sum of balances maintained up to the top of each institution's penalty-free band.
6. Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.

1. Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
2. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements.
3. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.
4. Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
5. Equals total balances maintained plus currency in circulation.
6. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
7. Prorated averages of biweekly averages.
8. Averages of daily figures.

1. Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
2. Prorated averages of biweekly averages.
3. Averages of daily figures.

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| Date | Reserve balances required | Reserve balances maintained  4 |
| --- | --- | --- |
| Reserve balance 
                            requirements  1 | Top of penalty- 
                            free band  2 | Bottom of penalty- 
                            free band  3 | Total | Balances 
                            maintained to 
                            satisfy reserve 
                            balance 
                            requirements  5 | Balances 
                            maintained that 
                            exceed the top of 
                            the penalty- 
                            free band  6 |
| Month  7 |
| Jan. 2019 | 131,130 | 144,255 | 118,006 | 1,639,030 | 143,615 | 1,495,414 |
| Feb. 2019 | 125,129 | 137,655 | 112,606 | 1,645,233 | 137,128 | 1,508,105 |
| Mar. 2019 | 128,423 | 141,279 | 115,569 | 1,661,297 | 140,926 | 1,520,371 |
| Apr. 2019 | 130,120 | 143,144 | 117,098 | 1,559,450 | 142,641 | 1,416,809 |
| May 2019 | 134,717 | 148,200 | 121,237 | 1,511,285 | 147,792 | 1,363,493 |
| June 2019 | 134,908 | 148,409 | 121,408 | 1,535,857 | 148,025 | 1,387,832 |
| July 2019 | 135,103 | 148,624 | 121,584 | 1,513,550 | 148,191 | 1,365,359 |
| Aug. 2019 | 134,639 | 148,114 | 121,167 | 1,520,876 | 147,555 | 1,373,321 |
| Sept. 2019 | 134,707 | 148,188 | 121,227 | 1,439,771 | 147,498 | 1,292,273 |
| Oct. 2019 | 134,998 | 148,509 | 121,489 | 1,481,513 | 148,050 | 1,333,462 |
| Nov. 2019 | 140,705 | 154,787 | 126,625 | 1,529,341 | 154,256 | 1,375,085 |
| Dec. 2019 | 138,984 | 152,893 | 125,076 | 1,630,090 | 152,562 | 1,477,528 |
| Jan. 2020 | 144,816 | 159,309 | 130,326 | 1,645,384 | 158,765 | 1,486,619 |
|   |
| Two weeks ending  8 |
| Dec. 18, 2019 | 129,562 | 142,529 | 116,596 | 1,649,453 | 142,171 | 1,507,282 |
| Jan. 1, 2020 | 146,015 | 160,627 | 131,404 | 1,633,887 | 160,418 | 1,473,469 |
| Jan. 15, 2020 | 135,017 | 148,531 | 121,506 | 1,670,444 | 148,025 | 1,522,419 |
| Jan. 29, 2020 | 156,503 | 172,164 | 140,844 | 1,619,016 | 171,564 | 1,447,452 |
| Feb. 12, 2020 | 131,006 | 144,118 | 117,897 | 1,660,291 | 143,526 | 1,516,765 |

| Date | Reserves | Vault cash  2 | Monetary base |
| --- | --- | --- | --- |
| Total  1 | Required | Total | Used to satisfy 
                            required 
                            reserves  3 | Surplus  4 | Total  5 | Total balances 
                            maintained  6 | Currency in 
                            circulation |
| Month  7 |
| Jan. 2019 | 1,707,256 | 199,356 | 80,389 | 68,226 | 12,163 | 3,346,879 | 1,639,030 | 1,707,849 |
| Feb. 2019 | 1,713,683 | 193,579 | 81,298 | 68,450 | 12,848 | 3,353,467 | 1,645,233 | 1,708,234 |
| Mar. 2019 | 1,725,938 | 193,064 | 76,814 | 64,640 | 12,174 | 3,381,455 | 1,661,297 | 1,720,158 |
| Apr. 2019 | 1,623,904 | 194,575 | 76,135 | 64,455 | 11,681 | 3,286,650 | 1,559,450 | 1,727,201 |
| May 2019 | 1,576,309 | 199,742 | 75,826 | 65,024 | 10,802 | 3,244,460 | 1,511,285 | 1,733,175 |
| June 2019 | 1,601,309 | 200,360 | 76,106 | 65,452 | 10,654 | 3,274,825 | 1,535,857 | 1,738,968 |
| July 2019 | 1,578,615 | 200,169 | 76,485 | 65,065 | 11,419 | 3,260,316 | 1,513,550 | 1,746,765 |
| Aug. 2019 | 1,586,844 | 200,608 | 78,450 | 65,969 | 12,482 | 3,271,378 | 1,520,876 | 1,750,502 |
| Sept. 2019 | 1,504,805 | 199,741 | 76,549 | 65,035 | 11,515 | 3,202,668 | 1,439,771 | 1,762,898 |
| Oct. 2019 | 1,547,136 | 200,621 | 76,659 | 65,623 | 11,036 | 3,252,807 | 1,481,513 | 1,771,294 |
| Nov. 2019 | 1,595,222 | 206,586 | 76,920 | 65,881 | 11,039 | 3,315,551 | 1,529,341 | 1,786,209 |
| Dec. 2019 | 1,698,344 | 207,239 | 80,167 | 68,255 | 11,913 | 3,426,483 | 1,630,090 | 1,796,393 |
| Jan. 2020 | 1,715,219 | 214,652 | 81,206 | 69,835 | 11,371 | 3,442,621 | 1,645,384 | 1,797,238 |
|   |
| Two weeks ending  8 |
| Dec. 18, 2019 | 1,715,858 | 195,967 | 80,583 | 66,405 | 14,178 | 3,441,841 | 1,649,453 | 1,792,388 |
| Jan. 1, 2020 | 1,704,395 | 216,523 | 80,661 | 70,508 | 10,153 | 3,436,410 | 1,633,887 | 1,802,523 |
| Jan. 15, 2020 | 1,738,005 | 202,578 | 81,249 | 67,561 | 13,688 | 3,471,580 | 1,670,444 | 1,801,136 |
| Jan. 29, 2020 | 1,690,759 | 228,246 | 80,726 | 71,743 | 8,983 | 3,412,505 | 1,619,016 | 1,793,490 |
| Feb. 12, 2020 | 1,732,355 | 203,070 | 84,535 | 72,064 | 12,471 | 3,453,833 | 1,660,291 | 1,793,542 |

| Date | Borrowings from the Federal Reserve | Nonborrowed 
                            reserves  1 |
| --- | --- | --- |
| Total | Primary | Secondary | Seasonal | Other credit 
                            extensions |
| Month  2 |
| Jan. 2019 | 26 | 20 | 0 | 6 | 0 | 1,707,230 |
| Feb. 2019 | 19 | 7 | 0 | 12 | 0 | 1,713,664 |
| Mar. 2019 | 15 | 7 | 0 | 8 | 0 | 1,725,923 |
| Apr. 2019 | 30 | 14 | 0 | 15 | 0 | 1,623,875 |
| May 2019 | 56 | 18 | 0 | 38 | 0 | 1,576,254 |
| June 2019 | 80 | 20 | 0 | 60 | 0 | 1,601,229 |
| July 2019 | 120 | 9 | 0 | 111 | 0 | 1,578,495 |
| Aug. 2019 | 117 | 16 | 0 | 101 | 0 | 1,586,727 |
| Sept. 2019 | 101 | 15 | 0 | 86 | 0 | 1,504,704 |
| Oct. 2019 | 63 | 4 | 0 | 59 | 0 | 1,547,073 |
| Nov. 2019 | 26 | 4 | 0 | 22 | 0 | 1,595,196 |
| Dec. 2019 | 21 | 10 | 0 | 11 | 0 | 1,698,323 |
| Jan. 2020 | 6 | 5 | 0 | 1 | 0 | 1,715,213 |
|   |
| Two weeks ending  3 |
| Dec. 18, 2019 | 23 | 13 | 0 | 10 | 0 | 1,715,835 |
| Jan. 1, 2020 | 20 | 9 | 0 | 11 | 0 | 1,704,375 |
| Jan. 15, 2020 | 5 | 4 | 0 | 2 | 0 | 1,738,000 |
| Jan. 29, 2020 | 6 | 6 | 0 | 0 | 0 | 1,690,753 |
| Feb. 12, 2020 | 3 | 3 | 0 | 0 | 0 | 1,732,352 |