ࡱ>  !bjbj44 VV DFFF<F76(   6666666$M9;6  646&&&j6&6&&B))81"RZ)6607b),<S6<))8<) 0:"&\x   66"<   7<          : INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 codified at 31 United States Code 5302, which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights -SDRs, and balances of foreign currencies. Principal sources of income -+ or loss -- for the fund are profits -+ or losses -- on SDRs and foreign exchange, as well as interest earned on assets. Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income -+ or loss -- account. Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. Profit -+ or loss -- on foreign exchange includes realized profits or losses. Adjustment for change in valuation of SDR holdings and allocations reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1Balances as of June 30, 2018, and September 30, 2018 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]Assets, liabilities, and capitalJune 30, 2018July 1, 2018, through Sept. 30, 2018Sept. 30, 2018AssetsU.S. dollars:Held with Treasury:Fund Balance  -  -  - U.S. Government securities  22,241,280  70,008  22,311,288 Special drawing rights 1  51,288,302  -370,486 50,917,816 Foreign exchange and securities:  European euro  12,682,672  -100,996 12,581,676 Japanese yen  8,446,313  -207,101 8,239,212 Accounts receivable  143,612  -871 142,741 Total assets  94,802,179  -609,446 94,192,733 Liabilities and capitalCurrent liabilities:Accounts payable  77,920  1,808  79,728 Total current liabilities  77,920  1,808  79,728 Other liabilities:SDR certificates  5,200,000  -  5,200,000 SDR allocations  49,673,977  -399,773 49,274,204 Total other liabilities  54,873,977  -399,773 54,474,204 Capital:Capital account  200,000  -  200,000 Net income -+ or loss -- -see Table ESF-2  234,649  -211,481 23,168 Total capital  39,850,282  -211,481 39,638,801 Total liabilities and capital  94,802,179  -609,446 94,192,733 See footnote on the following page. TABLE ESF-2Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]Current quarter July 1, 2018, through Sept. 30, 2018Fiscal year to date Oct. 1, 2017 through Sept. 30, 2018Income and expense Profit -+ or loss-- on:Foreign exchange  -9,412,093 -285,575Adjustment for change in valuation of SDR holdings and allocations 1  9,094,929  -22,415Net income (+) or loss (-):SDRs  3,615  12,930 U.S. Government securities  110,259  345,882 Foreign exchange  -8,191 -27,654Income from operations  -211,481 23,168 Net income (+) or loss (-)  -211,481 23,168 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974.NoteAnnual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 Annual Report of the Secretary of the Treasury and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the Treasury Bulletin. Data from inception to September 30, 1978, may be found on the statements published in the January 1979 Treasury Bulletin.      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Jt)7.o0BI}"MT!FeGzirC ::@*Wk'bIDL ,%(+X`e6q3YUg]{vW+OY\imX'B7m6pAuT)f'efp>~>jkRde 9@ m.Iop|>2@Udb$6d I9IPpOMSyaOK$(5jdAJ4 K5-gdg7'NSa&5 J%F@j| Q!a$3E: OWGp'' 3X `M L!Kwk} -A8EY(;=@@@Unknown G.[x Times New Roman5Symbol3. .Cx ArialI. ??Arial Unicode MSA. Arial Narrow5. .[`)Tahoma?= .Cx Courier New;WingdingsA$BCambria Math#1hmkGmkG kE -E -q8r43QHX ?|2!xx )INTRODUCTION: Exchange Stabilization FundLaDonna Cooley Darcy E. Howe Oh+'0x  ( 4 @ LX`hp,INTRODUCTION: Exchange Stabilization FundLaDonna CooleyNormalDarcy E. Howe2Microsoft Office Word@@_r@"@"E՜.+,0( hp  Dept. of the Treasury, FMS-  *INTRODUCTION: Exchange Stabilization Fund Title  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMOPQRSTUVWXYZ[\]^_abcdefghijklmnopqrstuvwxyz{|}~Root Entry F4"@Data NZ#1Table`<WordDocument SummaryInformation(DocumentSummaryInformation8MsoDataStore &"81"B3HYMI1W3DRZ3CDKQ==2 &"81"Item  PropertiesUCompObj r   F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q