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In the Federal Reserve’s U.S. statistical framework, the monetary base equals currency in circulation plus reserve balances held by depository institutions at Federal Reserve Banks.
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02
For U.S. H.6 statistics, currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
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For U.S. H.6 statistics, reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
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