1 Includes Luxembourg. 2 Algeria, Bahrain, Ecuador, Gabon, Indonesia, Iraq, Kuwait, Libya, Oman, Qatar, Trinidad and Tobago, and United Arab Emirates. Note.-International reserves is comprised of monetary authorities' holdings of gold, special drawing rights (SDR) reserve positions in the International Monetary Fund, and foreign exchange. Conversions from national currencies to U.S. dollars from December 1971 through January 1973 are calculated at the cross rates reflecting the parities and central rates agreed in December 1971. From February 1973 through June 1974, the intention is to reflect the cross rates of parities or central rates for countries having effective parities or central rates and market rates for others. Beginning July 1974, foreign exchange is valued at end-of-month market rates or in the absence of market rate quotations at prevailing official rates. Gold is valued throughout at SDR 35 per ounce, equivalent to US$38 per ounce from December 1971 through January 1973, to US$42.22 per ounce from February 1973 through June 1974, but to the respective US$/SDR transactions value as measured by the "basket" valuation of the SDR beginning July 1974. Data exclude U.S.S.R., other Eastern European countries, Mainland China, and Cuba (after 1960). Source: International Monetary Fund, "International Financial Statistics." Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase and gold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries 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. 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. Includes holdings of Treasury and Federal Reserve System. The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically if needed. Under appropriate conditions the United States could purchase additional amounts equal to the United States quota. Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S. quota increase which became effective on February 23, 1966. 7 Includes increases (in millions) as follows: for 1969 $67 resulting from revaluation of German mark in October 1969 ($13 in mark holdings); for 1971 $28 in dollar value of foreign currencies revalued to reflect market exchange rates as of December 31, 1971; for 1972 $1,016 in total assets resulting from the change in par value of the U.S. dollar on May 8, 1972, ($828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 million reserve position); for 1973 $1,436 in total assets resulting from the change in par value of the dollar on October 18, 1973 ($1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54 million reserve position). 8 Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average of exchange rates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF are also valued on this basis beginning July 1974. At valuation used prior to July 1974 (SDR 1=$1.20635), end of month values are (in millions): Note.-Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States. Scurces: Department of the Treasury and Board of Governors of the Federal Reserve System. TABLE B-94.-International investment position of the United States at year-end, 1960 and 3 Reported by U.S. banks and nonbanking concerns. 4 Liquid claims are not available separately and are included with nonliquid claims. • Reported by U.S. nonbanking concerns. Source: Department of Commerce, Bureau of Economic Analysis. 1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports. 2 Data are for second quarter 1975. 3 Includes forest products. 4 Data for manufactured goods are unit value indexes. Note. Data exclude trade of socialist areas in Eastern Europe (except Yugoslavia) and Asia. Sources: United Nations and Department of Commerce (Bureau of International Economic Policy and Research and TABLE B-96.-Consumer price indexes in the United States and other major industrial countries, 1955-75 1 For United States, 12-month average; for all other countries, January-November average, except Italy and the Netherlands, January-September average. 2 October-December average for United States; and October-November average for all other countries. Sources: Department of Labor and Organization for Economic Cooperation and Development. |