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Article: New York Federal Reserve Bank fosters market stability. (foreign exchange markets)
- Article from:
- PR Newswire
- Article date:
- December 7, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. 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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/ADVANCE FOR RELEASE AT 6:30 P.M., EST, TODAY/
NEW YORK FEDERAL RESERVE BANK FOSTERS MARKET STABILITY
/ADVANCE/NEW YORK, Dec. 7 /PRNewswire/ -- United States monetary authorities in August and September sold $2.136 billion in the foreign exchange markets to resist the dollar's rise. Later, in October, they bought $200 million to limit the dollar's decline.
The operations were designed to foster market stability and generally were coordinated with other central banks, the Federal Reserve Bank of New York reported Wednesday.
The sales of $2.136 billion consisted of sales of $1.806 billion for German marks between Aug. 5 and ...