SELECTED INTEREST & EXCHANGE RATES FOR MAJOR GOUNTMB & THE US.

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1 Of SELECTED INTEREST & EXCHANGE RATES FOR MAJOR GOUNTMB & THE US. EBCMf S E W S OF O K U I H

2 TA* OF aniens Digitized for FRASER

3 SWT EXCHMTCE FT*TES MAJOR CUMCMCIES AGMMR U6 DOLLAR **e*u avenges 2 A POUMD DUTCH fiuude* (MfTCM GUIUKK * Pounti floated June S72 "* Swiss Franc floated January jSee separate chart Japanese Yen floated February Based on new Central Rate Digitized for FRASER 1873

4 US* MUM 1*72 MT «at»c scale U S vents Ratio scale. U S oeets r L-J-i I I I I I I I I *** Italian Ln* floated February **** Based or new Central Rate

5 Chert 1C SPOT EXCHANGE RATES - MAJOR CURREWCES AGAINST US. DOLLAR Way Dec 17, 1971 Wwkly aweraees US HAY JUNE JULY AUG 1871 SEPT OCT NOV DEC * Financial franc

6 \e Ctert ID SPOT I f f M i i l g BATES - M A M * C U S T M C i f l AttUMST US. DOOM* II Dec 17, 1971 ctowty wm*m **k «t linili mm# * K Jffi OCT OK

7 3 MONTH FORWARD EXCHANGE MAJOR CURRENCIES AGAINST US. DOLLAR Weekly averages : 1 j I 1 PREMIUM 4 - CANADIAN DOLLAR fx. A Fer cent per a j!! M M II 1 I II RJ ^UJC. POUND ^ J... DISCOUNT - DISCOUNT - DUTCH GUILDER DISCOUNT

8 Chart 28 3-MONTH FORWAUD EXCHANGE Weekly averages CUMKMCET AGAINST WF DOOM % Pec cent per annum DISCOUNT DISCOUNT -

9 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST UJC. POUND Friday figures ^ef cent - PREMIUM GERMAN U.S. DOLLAR J S D M J S D M S D J S D

10 w 34KMITM FORWARD EXCHANGE - MAX* Friday figures FflEMCH FRANC DISCOUNT I I I I I 1 1 I 1 1 I

11 Chart 4 GOLD MHCE IN LONDON Kg Week's awetag* ol afternoon tuungs US s L D W D M J S 0

12 Charts* CALL MONEY RATES DOLLAR FUNDS Per cent pef annum 14 FEDERAL FUNDS DIFFERENTIAL EURO-DOLLAR OVER FEDERAL FUNDS FAVOR EURO-DOLLAR EURO-CURRENCIES Weekly averages L_i FAVOR FEDERAL FUNDS I Per cent per EURO-SWISS FRANC M J S D W J S D W J S D W J S D * Changed from CALL to OVERNIGHT Euro dollar deposits, May

13 Chart SB CML mom* t * r e SELECTED forek* AND EEC CURRENCIES ffifey <w*e$ P*f cent per #nnym France, Day-to-day Money Netherlands, Call Money, weekly average, Japan, Unconditional Money Canada. Day-to-day Loans, weekly average. Germany, Call Money UK, 2 day Local Authority Deposits

14 LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Fer ceet per V S D s D M S D S D * Mas 12 '71-changed to Overnight Euro Dollar Deposits ** July 1-changed to 7-Day Euro-Dollar

15 Chart 66 Friday figures

16 Chart 7A NEW YORK-LOUDON: VELDS ON U6 DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Wednesday figures Fer cent t» et U EURO-DOLLAR DEPOSIT US. CERTIFICATE OF DEPOSIT DIFFERENTIAL FAVOR EURO DOLLAR - j A wv\x ^A/v j/ - EURO-DO! LIAR OVER MS. CERTIFIC iate OF DEPOSIT j i i 1 i. 1 i i 1 i I 1 1 1! I 1 1 I I 1 I I 1 l I 1 I I I i 1 1.! M J S D M J S D M J S D * J S

17 Chart 78 mm Y0SK44M00M: COST Of US. DOLLAR FUWOS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Wednesday figures Per cent per annum 12 eimo-dolia* deposit ^. A ADJUSTED U.S. CERTIFICATE Of DEPOSIT ADJUSTED EUftO-OOUA* OVEH U.S. CERTIFICATE OF DEPOSIT ADJUSTED D M J S D 1973 * Adjusted for Reserve Requirement ** Adjusted for 10* Marginal Reserve Requirement ***Adjusted for 20% Marginal Reserve Requirement

18 LONDON: COVERED YIELDS ON US. DOLLAR" FUNDS HIRE PURCHASE/STERLING CD's vs EURODOLLAR RATES Friday figures Per cent per amnwm H«E PURCHASE COVERED COVERED CD's, DIFFERENTIAL FAVOR STERLING CD s FAVOR EURO-DOLLAR M S D S D m j s D * J IS73 * Hire Purchase suspended August and Sterling Certificates of Deposit begin August 11, 1972 S

19 Chart 88 LONDON: COVERED YIELDS ON US. DOHA* FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday figures Far cent per a#*wm COVERED DIFFERENTIAL FAVOR LOCAL AUTHORITY FAVOR EURO DOLLAR M J S D M J S D M J S D M J S D *71 1S72 1S73

20 Chert 9A INTEREST ARBITRAGE: UNITED STATES AMD UNITED KINGDOM Friday figures Per cent per annum i 3-MONTH TREASURY BILL RATES UJC. LOCA UNCOVERED AUTHORITY YORK J S D M J s D s D M J S D * Plotted for comparison purposes

21 Chart l(tt 3-flKMTM FUNK flutemest MSITMGE: EUMMMMLiiUI - GEHIAM fliatt f RAMKf URT INTERBANK LOAM RATE VS. LONDON EURO-DOLLAR RATE Wednesday fates Ferceetpen W TERMS OF DM DIFFERENTIAL favor FRAWKflMtT M S D M J s D «J s 0 M J S O

22 INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM Friday figures : 1 RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING Per cent per at DISCOUNT 10 DIFFERENTIAL I I I I I I FAVOR LONDON # 4 6 8, FAVOR NEW YORK I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I 1 I I I I I 10

23 owtioe 3-MONTH HHNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE Witmiiy rates IN TERMS OF Per cent per»miu* COVERED DEPOSIT RATE 2 FAVOR EURO-DOLLAR M J S D M J S D M J s 0 M J s No quotation

24 Chart 11 3-MONTH INTEREST ARBITRAGE: UNITED STATES - CANADA Per cent per* II II I I 11 II II Ml Ml BILL RATES UNITED STATES h TREASURY BILLS CANADIAN TREASURY BILLS CAW. FIN. CO. PAPER BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR FORWARD RATE GROSS SPREAD IN FAVOR OF CANADA COVERED RATE DIFFERENTIALS FAVOR CANADA TREASURY BILLS FAVOR U S FAVOR CANADA FINANCE PAPER i JM FAVOR U S 1 li 1 ii

25 Chart 12A SELECTED SHORT-TERM MTEREST RATES* Per cent per annum UJL 9 JAPAN CANADA! * 3-month treasury bill rates for all countries except Japan(Average rate on bank loans and discounts) and Germany(lnterbanfc Loan Rate)

26 Chart 128 SELECTED SHORT-TERM INTEREST RATES * Per cent per annum EURO DOLLAR - LONDON US. * I month treasury bill rate for U.S., Switzerland-3-montli deposit rate. ** a montm rate for U S dollar deposits in London

27 * New series G starts 11 7? Digitized for FRASER Chart 13 LONG-TERM BOND YIELDS Weekly figures Per cent per annum US. SWITZERLAND UJL Monthly figures US * New senes lor Switzerland starts U S Corp Dollar Eurobonds and U S Corp. DM Euro-floods starts ** Me* Average yield of an German P A Bonds begins *** New series F starts 12 71

28 1 < CHART 14 INDUSTRIAL STOCK INDEXES UNITED STATES 1958=100 l*be scale < i i 1 i Vv i l 1 i i i i 1 i i 1 i i 1 i i II 1 II. -AVA SWITZERLAND r v - h\ UNITED KINGOOII f I i 1 M 1 M 1 I I i i 1 i i 1 i i i i ll 1 l l 1 I l I J l II! M 1 i i 1 i i. f Japan mde* of 225 industrial and other stocks traded on Tokyo exchange "* Japan mde* of all industrial and other stocks traded on the first section of the Tokyo Stock Exchange

29 1Mb 21, 1973 H. 13 IV. SELECTED CBITRAL 8AIUC OtSCOUMT RATES Cu*y Carat fete fci elect Swe ieefcclsw EX.C: W W Rwe tey &wy MtaMs 5.0 Sac ar ar, 30, ar. 2, Aau 12, ar. 30, p*ll 10, Oct. 14, Saafc **0elted K1*dh a 8.75 Jaa, # ^ 4,50 J i. i*r* iav» ta* 4,75 Oct, 25, ,25 M, m, , t «l * Wfi lifted Stoles 5.00 tf. W? 4.JP m*. i m **E ect±m October 13, 1972, the Baric of nylirad its rraltrlwil Seek Bate ***& s flffinf tag " fnl IfHag sate! 11 hiiil a# aac^e f n bill taader e*6e. Jaaaary 19, 1973.,,8,75

30 1V2 LATEST F4GUHES PLOTTED OH THE CMAJtTS *2,t* >5,23 *3,55 Gold price, U.S. dollar per ounce *1,31 OHMipht Emp-5 deposits Otffetential turo OH Euro Swiss ft Japan, Unconditional Money 2-day Local Author. Oeps 10,66 Canada, Day-to-day Loans France, Day-to-Day Money 7,125 Gemmany Call Money Metheriands. Call Money!_/ Swiss franc floated January 23, / Italian lire and Japanese yen floated February 14, / French franc, Belgian franc, German mark, and Dutch guilder based on new central rates effective February 14, 1973 * Temporarily suspended. Digitized for FRASER

31 IV-3 Chart Panel Series Date Rate 6A Euro-) Overnight Rate March Euro-5 1-month Rate Euro-5 3-month Rate uro-s 6-month Rate II A Upper Euro-5 3-month Deposits March U.S. Certificate of Deposits 6.92 Lower Differential 40-89; 76 Upper Euro-5 3-month Deposits II 7.81 Euro-5 3-month Deposits (Adj.) U.S. Certificate of Deposits (Adj.) 7.11 Lower Differential: on Adj. Euro-5 Deposits on Unadj. Euro-5 Deposits A Upper Euro-5 3-month Deposits March H 7.93 Lower Differential Upper Euro-5 3-month Deposits M 8.94 Local Authority Deposits (covered) M 8.00 Lower Differential A U.S. Treasury Bill rate March Upper : Spread (+= favor London) U.K. Treasury Bill rate March Local Authority Deposit (uncovered) March March month Forward Pound Lower Net Incentive (+- favor London) -1.78

32 N^V IV-4 Chart Panel Series Date Rate / 10A Upper Euro-! Deposits (coveted) Lower Geman Inteifcank Loan rate Differential 108 Upper Eimo-S Deposits (covered) Lower Swiss Deposit rale Differential n Upper Canadian Finance P<per Feb, 28 March 7,14-0,32 N,A, March 14 8,44 Feb, 28 48,20 March 14 3,58 4,00-0,42 March 16 5,13 U.S. Treasury Bill ate 6,04 Canadian Treasury Bill rate 4,18 U.S. Prime Finance paper (not plotted) 6,25 Second Bill rale differential Forward Canadian dollar Third Met incentive on bills Bottom Met incentive on Finance Paper 12A Upper U.K. Treasury Bill rale U.S. Treasury Bill rate Geman Interbank Loan rate ,04 8,44 Lower Japanese Average r*e 6.71(1 Canadian Treasury Bill rate U.S. Treasury Bill rate 128 uto-$ Deposits March 16 4,18 6,04 8,250 Swiss 3-month Deposit rate 4.00, U.S. Treasury Bill rate 6,04

33 IV- 5 Chart Paael Series Me #ate 33 Upper * * * * * Canada United Stales Swrtaertaari SWe e Gewany United ICMpdan r ii iiiiiiiiiin (torch 2 tirr** S.47 fob March Lower U.S. Co»p. Iglv&mQ+mts U.S. Coip. DM ami haair U.S. Coip. Aaa hands 14 Upper Switzerland Middle Ge any United Stales United Ciiijdnw Canada Lower - Japan March 2 Mmv4I 0 United States March 9 March 16 Januarr February 7.22 March March March March * New - Average yield of ALL German Public Authoritiestoadsmade as <rf haokiap key days % OOS M ** Beginning week ended September 5,1970, the Japanese index plotted is Aat of all industrial art overstocks on the First Section of the Tokyo Stock Exchange.

SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S.

August 18, 1971 No. 519 V H«13 Division of lnttn^tionol Finonc# Europe and British Common weolth Section r ' ;;,3 SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S. WEEKLY SERIES OF CHARTS