G.5A(405)                                                     December 31, 2002





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2002 TOGETHER
               WITH COMPARABLE FIGURES FOR OTHER YEARS. AVERAGES ARE BASED ON DAILY NOON BUYING
               RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY
               THE FEDERAL RESERVE BANK OF NEW YORK.


                                              (Currency units per U.S. dollar except as noted)


                                 MONETARY
                  COUNTRY          UNIT         2002         2001         2000         1999

               *AUSTRALIA        DOLLAR          0.5437       0.5169       0.5815       0.6454
                BRAZIL           REAL            2.9213       2.3527       1.8301       1.8207
                CANADA           DOLLAR          1.5704       1.5487       1.4855       1.4858
                CHINA,P.R.       YUAN            8.2770       8.2770       8.2784       8.2783
                DENMARK          KRONE           7.8862       8.3323       8.0953       6.9900
               *EMU MEMBERS      EURO            0.9454       0.8952       0.9232       1.0653
                GREECE           DRACHMA         N.A.         N.A.       365.92       306.30
                HONG KONG        DOLLAR          7.7997       7.7997       7.7924       7.7594
                INDIA            RUPEE          48.63        47.22        45.00        43.13
                JAPAN            YEN           125.22       121.57       107.80       113.73
                MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
                MEXICO           PESO            9.663        9.337        9.459        9.553
               *NEW ZEALAND      DOLLAR          0.4645       0.4202       0.4568       0.5294
                NORWAY           KRONE           7.9839       8.9964       8.8131       7.8071
                SINGAPORE        DOLLAR          1.7908       1.7930       1.7250       1.6951
                SOUTH AFRICA     RAND           10.5176       8.6093       6.9468       6.1191
                SOUTH KOREA      WON          1250.31      1292.01      1130.90      1189.84
                SRI LANKA        RUPEE          95.773       89.602       76.964       70.868
                SWEDEN           KRONA           9.7233      10.3425       9.1735       8.2740
                SWITZERLAND      FRANC           1.5567       1.6891       1.6904       1.5045
                TAIWAN           DOLLAR         34.536       33.824       31.260       32.322
                THAILAND         BAHT           43.019       44.532       40.210       37.887
               *UNITED KINGDOM   POUND           1.5025       1.4396       1.5156       1.6172
                VENEZUELA        BOLIVAR      1161.19       724.10       680.52       606.82

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     127.26       126.09       119.67       116.87
              2)MAJOR CURRENCY   MAR73=100     103.09       104.32        98.31        94.06
              3)OITP             JAN97=100     141.20       136.34       130.33       129.94

               This release is available online at http://www.federalreserve.gov/release/.

               For more information on exchange rate indexes for the U.S. dollar, see "New Summary Measures
               of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998),
               pp. 811-18 (http://www.federalreserve.gov/pubs/bulletin/) and "Index of the Weighted-Average
               Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978),
               p. 700. Weights for broad index can be found at http://www.federalreserve.gov/releases/
               H10/Weights; weights for the major currencies index and the other important trading partners
               (OITP) index are derived from the broad index weights.

               *  U.S. dollars per currency unit.
               1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies
               of a broad group of major U.S. trading partners.
               2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of
               the broad index currencies that circulate widely outside the country of issue.
               3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of
               the broad index currencies that do not circulate widely outside the country of issue.

               For information about your subscription to this release or about receiving it in document form,
               please call publication services at Federal Reserve Board at (202) 452-3244.

               As of the January 3, 2000 release, the euro is reported in place of the individual euro-area
               currencies. These currency rates can be derived from the euro rate by using the fixed
               conversion rates (in currencies per euro) given below:

                      1  EUR  =  13.7603  AUSTRIAN SCHILLINGS
                              =  40.3399  BELGIAN FRANCS
                              =  5.94573  FINNISH MARKKAS
                              =  6.55957  FRENCH FRANCS
                              =  1.95583  GERMAN MARKS
                              =  .787564  IRISH POUNDS
                              =  1936.27  ITALIAN LIRE
                              =  40.3399  LUXEMBOURG FRANCS
                              =  2.20371  NETHERLANDS GUILDERS
                              =  200.482  PORTUGUESE ESCUDOS
                              =  166.386  SPANISH PESETAS