New York Fed Posts Record FX Profits In 1990 Up 70 Percent From 1989 Levels, To $580 Million
REGULATIONS
The Federal Reserve Bank of New York reported that profits on foreign exchange rose to $579.77 million in 1990, according to the Fed's latest annual report. The foreign exchange profits were up about 70 percent from those posted in 1989 of $341.98 million. A spokesman at the Fed confirmed that the 1990 gains were the most significant ever reported.
The Fed's gains, which puts it in a league with the likes of Citibank, which had profits of $657 million in 1990, apparently came largely on the
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