International Services

As the central bank of the United States, the Federal Reserve performs services for foreign central banks and for international organizations such as the International Monetary Fund and the International Bank for Reconstruction and Development. The Reserve Banks provide several types of services to these organizations, including maintaining non-interest-bearing deposit accounts (in U.S. dollars), securities safekeeping accounts, and accounts for safekeeping gold. Some foreign official institutions direct a portion of their daily receipts and payments in U.S. dollars through their funds accounts at the Federal Reserve. If an account contains excess funds, the foreign official institution may request that these funds be invested overnight in repurchase agreements with the Reserve Banks. If investments are needed for longer periods, the foreign official institution may provide instructions to buy securities to be held in safekeeping. Conversely, the foreign institution may provide instructions to sell securities held in safekeeping, with the proceeds deposited in its account. The Reserve Banks charge foreign official institutions for these services.

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