No: 2191

THURSDAY, OCT 29, 1998

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

NEW YORK -- The U.S. monetary authorities did not intervene in the foreign exchange markets during the July - September 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 Sept. 30, the dollar depreciated 7.8 percent against the German mark and 1.7 percent against the Japanese yen.

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

Contact: Douglas Tillett