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Table 2.XXV |
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Federal Reserve Bank of New York |
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| The
Federal Reserve Bank of New York serves the second district of the Federal
Reserve system, which includes all of New York State, 12 northerly counties
of New Jersey, Fairfield county of Connecticut and Puerto Rico and the US
Virgin Islands. The Bank provides all the same services to the second district
that the other 11 district Federal Reserve Banks provide to theirs. The New York Fed has several unique functions that are not performed elsewhere. These include executing monetary policy on behalf of the Federal Open Market Committee, the policy making body; all activity in the foreign exchange market in cooperation with the US Treasury on the rare occasions when this is done; overseeing the market and the dealers in the Treasury securities market; interfacing with foreign central banks and official institutions in these institutions' management of their dollar holdings; and maintaining a gold vault for safekeeping of their gold reserves. As of June 2007, the value of gold holdings was $8,827 million with gold valued at $42.22 per fine troy ounce. This translates to about 6,502 metric tons of gold. |
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| Source: | ||
| Federal Reserve Bank of New York | ||
| www.ny.frb.org | ||