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Article: Treasury and Federal Reserve foreign exchange operations.
- Article from:
- Federal Reserve Bulletin
- Article date:
- June 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 Board of Governors of the Federal Reserve System. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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During the first quarter of 1995, the dollar declined 11.3 percent against the German mark, 13.1 percent against the Japanese yen, 0.2 percent against the Canadian dollar, and 7.8 percent on a trade-weighted basis.(2) On March 2, the U.S. monetary authorities intervened in the foreign exchange markets, purchasing $300 million against the Japanese yen and an equal amount against the German mark. The US. monetary authorities entered the market again on March 3, purchasing $450 million against the German mark and $370 million against the Japanese yen as part of a concerted operation to support the dollar. In other operations, Mexico drew a net $1 billion on its swap facility ...