Latest Financial Reports
The Gold Reserve Act requires the Secretary of the Treasury to submit to the President and Congress an annual report on the operations of the ESF. That report includes sections on the nature and functions of the ESF, exchange market developments, ESF financial operations, financial statements, and an audit report.
The Gold Reserve Act further requires the Secretary of the Treasury, within 30 days after the end of each month, to transmit to the House and Senate Banking Committees a detailed financial statement of the ESF, including all agreements entered into and renewed and all liabilities projected to occur.
ESF loan agreements are transmitted to Congress under the Case Act, within 60 days of their entry into force. Treasury customarily issues a brief press release announcing specific ESF agreements with foreign monetary authorities
Public information on the ESF is considerable in scope, but such information is dispersed across a number of reports that are designed to serve a wider Treasury or U.S. government financial purpose. Public reports which in some degree reflect ESF operations are listed here in order of frequency of publication, and these are now made more readily accessible by the links that follow:
- FMS Daily Treasury Statement aggregates Treasury cash and debt operations which may reflect ESF activities. While the ESF is not expressly identified in the Daily Treasury Statement, any flow of dollars into or out of the ESF is reflected in the reconciliation of public debt transactions (either issues or redemptions) in Table III-A to cash in Table III-B.
- Federal Reserve's Weekly Statement of condition (later in quarterly Federal Reserve Bulletin) provides a balance sheet of the Federal Reserve System in which the amount of Special Drawing Rights Certificates outstanding is indicated;
- Treasury's Weekly Press Release on U.S. Foreign Exchange Reserves shows the levels of various official foreign assets (foreign exchange, SDRs, U.S. reserve position in the IMF, and gold). Only the foreign exchange and SDR components of official reserves are assets of the ESF. Of the foreign exchange component, the total is divided between the ESF and the Federal Reserve's System Open Market Account (SOMA). The foreign exchange assets of SOMA are not U.S. government assets and are not reflected in any U.S. government financial statement. The U.S. reserve position in the IMF and gold are not assets of the ESF but of the Treasury General Account.
- Treasury's Monthly Statement of Receipts and Outlays of the U.S. Government (Monthly Treasury Statement) reflects the ESF's gains or losses on transactions, net interest earnings, and valuation gains or losses. These are reflected in Table 5, in the Exchange Stabilization Fund item under Department of the Treasury. Also, Table 6 shows as an asset item the ESF's holdings of SDRs and as liabilities the SDR Certificates issued to the Federal Reserve.
- Treasury's Monthly Statement of the Public Debt of the United States reflects changes in the ESF's dollar holdings, which are invested in non-marketable Treasury short-term securities. These securities are reflected in the line item entitled "Exchange Stabilization Fund" in Table III, Detail of Treasury Securities Outstanding in the Exchange Stabilization Fund line item under the non-marketable category.
- Federal Reserve Bank of New York's Treasury and Federal Reserve Foreign Exchange Operations (FRBNY's quarterly report) recounts ESF operations in terms of quarterly totals and identifies operations in subperiods within the quarter. It also indicates the components of changes in ESF balances over the quarter.
- Treasury Bulletin publishes quarterly a summary of the ESF balance sheet and income statement. The summary balance sheet shows dollar assets, Special Drawing Rights (SDR) holdings, and holdings of individual foreign currencies.
- The Combined Statement of Receipts and Outlays of the United States Government (Annual Report) shows in Part III Detail of Appropriations, Outlays, and Balances, under Department of Treasury, Public Enterprise Funds, the beginning and ending balances for the fiscal year of the ESF's foreign currency assets, SDR holdings, investments in U.S. government securities (which arae the ESF's holdings of dollars), and the factors in the change in the balances. In Part I, the summary general ledger account balances show under Asset Accounts the ESF's holdings of SDRs and the amount of SDR Certificates outstanding to the Federal Reserve and under Liability Accounts the SDR allocations that appear as a liability on the ESF balance sheet.
- In the Financial Report of the U.S. Government, Note 2, "Cash and Other Monetary Assets," to the notes to the financial statements includes ESF assets.
- The Accountability Report of the Treasury Department covers the investments and foreign currency denominated assets of the ESF in Notes 4 and 5 of the Department's financial statements.
- OMB's Budget Appendix provides balance sheet information on the ESF and extrapolates interest its income for future budget years.