No. 2253

U.S. MONETARY AUTHORITIES DO NOT INTERVENE IN
FX MARKET DURING SECOND QUARTER

NEW YORK – The U.S. monetary authorities did not intervene in the foreign exchange markets during the April - June 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 June 30, 2002, the dollar depreciated 12.1 percent against the euro and 10 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.