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Strengthened U.S. Balance of Payments Slows Rise in Foreign Dollar Reserves

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  • Development and Trade Analysis Division, Economic Research Service

Abstract

Excerpts from the report Summary: The gold and dollar assets (public and private) of foreign countries amounted to $39.4 billion on March 31, 1961. This was a record high, but the gain during January-March was only $355 million compared with an increase of $724 million in the preceding quarter. International institutions increased their gold and dollar assets by $119 million. Three industrialized countries, West Germany, France, and Japan, accounted for most of the gold and dollar increase. Other countries showing relatively sizeable gains included Sweden, Argentina, Venezuela, and Thailand. The major development of the quarter was the strengthening of the U.S. balance of payments. The payments deficit amounted to $288 million, compared with nearly $1.2 billion in the last 3 months of 1960. The marked slowdown in the accumulation of foreign-held reserves is the counterpart of the reduction in the U.S. balance of payments deficit.

Suggested Citation

  • Development and Trade Analysis Division, Economic Research Service, 1961. "Strengthened U.S. Balance of Payments Slows Rise in Foreign Dollar Reserves," Miscellaneous Publications 317873, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersmp:317873
    DOI: 10.22004/ag.econ.317873
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