Press Release
U.S. Monetary Authorities Do Not Intervene in FX Market during 4Q 1996
February 12, 1997

NEW YORK - The U.S. monetary authorities did not intervene in the foreign exchange markets during the fourth quarter of 1996, a period of relative stability for the major currencies, the Federal Reserve Bank of New York reported to Congress today.

In the fourth quarter, the dollar appreciated 3.9 percent against the Japanese yen and 0.9 percent against the German mark. On a trade-weighted basis, the dollar appreciated 0.2 percent against the other G-10 nations' currencies, the report noted. This marks the fifth consecutive period in which there was no U.S. intervention in the markets.

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