Press Release

U.S. Monetary Authorities Did Not Intervene in FX Market During Fourth Quarter

January 30, 2003

NEW YORK – The U.S. monetary authorities did not intervene in the foreign exchange markets during the October - December quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.

During the three months that ended December 31, 2002, the dollar depreciated 6.0 percent against the euro and 1.9 percent against the Japanese yen.

The report was presented by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committee's (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.

Full Report
12 pages / 78 kb

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