Capital gains and losses realized by U.S. monetary authorities from acquisitions or borrowings of foreign currencies and sales or repayments of these currencies at varying exchange rates were reclassified to the U.S. reserve asset and the U.S. Treasury securities accounts in the financial account (where they were recorded gross). Previously these gains and losses were recorded (net) in the U.S. government income account. The change was consistent with recommendations in the fourth edition (1977) of the International Monetary Fund’s Balance of Payments Manual. Estimates were revised for 1961-1978.
Published