ECONOMIC

TABLE B-100.—U.S. reserve assets, 1946-76[Millions of dollars]End of year ormonthTotal reserveassetsTotalGold stock iTreasury 2Specialdrawingrights(SDR) 3Convertibleforeigncurrencies*Reserveposition inInternationalMonetary Fund*194619471948 .19491950195119521953195419551956195719581959196019611962196319641965 . .196619671968196919701971197219731974197519761976: JanFebMar .AprMayJuneJulyAugSeptOctNovDec.20, 70624, 02125, 75826, 02424, 26524, 29924, 71423, 45822,97822, 79723,66624, 83222, 54021, 50419, 35918,75317, 22016,84316, 67215, 45014, 88214,83015,7107 16,96414, 4877 12,1677 13,1517 14,378«15,883U6,226818, 74716, 62216,66116,94117,43817,95818, 47718, 24618, 58618, 94519.01319,4168 18. 74720,70622, 86824, 39924, 56322, 82022, 87323, 25222,09121, 79321.75322, 05822, 85720, 58219, 50717, 80416,94716, 05715, 59615,471« 13, 80613, 23512, 06510, 89211, 85911,07210, 2067 10,487Ml, 65211,65211,59911,59811,59911,59911,59911,59911,59811, 59811,59811, 59811,59811,59811,59811,59820, 52922,75424, 24424, 42722, 70622,69523.18722, 03021,71321, 69021,94922,78120, 53419, 45617, 76716, 88915,97815, 51315, 3886 13,73313,15911,98210, 36710 36710, 73210,1327 10,4107 11,56711 65211,59911,59811,59911,59911,59911, 59911,59811, 59811,59811, 59811,59811, 59811, 59811, 5988511,1007 1,9587 2,166»2 3748 2,3358 2,3952,3762,3762,3512,3252 3092,3162,3182,3252,3572 3522,365s 2,395lie 992124327811,3212 3453,5287 2 7816297 27624185803203332965719369381,3658648451,0381 0661,1463201 1531 3591,4611 4451 4261 4621 3671 1851 0441 6081 9751 9581 9971 5551*6901 064l' 0357696 8633264201 2902 3241,9355857 4657 55281 8528 2,'2128 4, 4342,3142,3902,4202,5783 1133,1983,4663,8183,9523 9974 3078 4, 4341 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchaseand gold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreigncountries for gold subscriptions on increased IMF quotas.2 Prior to December 1974, excludes gold held by the Exchange Stabilization Fund (ESF). In December 1974,the Treasury acquired all the gold held by the ESF.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of$717 million, and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR)in the Special Drawing Account in the IMF, plus or minus transactions in SDR.4 Includes holdings of Treasury and Federal Reserve System.5 The United States has the right to purchase foreign currencies equivalent to its reserve position in theFund automatically if needed. Under appropriate conditions the United States could purchase additional amountsequal to the United States quota.6 Reserve position includes, and gold stock excludes, $259 million gold subscription to the fund in June 1965for a U.S. quota increase which became effective on February 23, 1966.7 Includes increase (in millions as follows: for 1969, $67 resulting from revaluation of German mark inOctober 1969 ($13 in mark holdings); for 1971, $28 in dollar value of foreign currencies revalued to reflectmarket exchange rates as of December 31, 1971; for 1972, $1,016 in total assets resulting from the changein par value of the U.S. dollar on May 8, 1972 ($828 total gold stock, $822 Treasury gold stock, $155 SDR,and $33 reserve position); for 1973, $1,436 in total assets resulting from the change in par value of thedollar on October 18, 1973 ($1,165 total gold stock, $1,157 Treasury gold stock, $217 SDR, and $54reserve position).8 Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average ofexchange rates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF arealso valued on this basis beginning July 1974. At valuation used prior to July 1974 SDR1 = $1.20635), end ofmonth values are (in millions of dollars):TotalReservereserve SDR positionassetsin IMF1974: Dec 15,812 2,338 1,8171975: Dec 16,366 2,404 2,2831976: Dec 18,895 2,482 4,495Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.302