The Federal Reserve and U.S. Treasury report that there were no interventions by the U.S. monetary authorities during the November 1, 1993 through January 31, 1994 period. The same period a year ago was the last quarter in which the authorities did not intervene in the market. Cumulative valuation gains on outstanding foreign currency balances at the Fed were flat in a year-over-year comparison, at $2.87 billion, and were up from $1.75 billion for the Treasury's Exchange Stabilisation Fund (ESF)

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