3  Open market operations at the time were primarily repurchase agreements based on Treasury securities, with primary dealers as counterparties. 4  Reserves of depository institutions include vault cash and balances maintained with Federal Reserve Banks. Excess reserves are the reserves held over and above required reserves. See the Board’s webpage “Reserve Requirements” at www.federalreserve.gov/monetarypolicy/reservereq.htm.
Coincidentally, it was also in the 1960s that I spent some of my formative years in these very surroundings while my dad served as the Post Master, Lautoka. Needless to say, I have many fond memories of this City and its neighborhood areas.