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Fed's balance sheet reaches $5.05 trillion at end of 2013

Published on Mar 15, 2014 3:50 AM

WASHINGTON (AFP) - The Federal Reserve said Friday its balance sheet swelled to US$4.0 trillion (S$5.05 trillion) at the end of 2013 as it made massive asset purchases to support the US economy.

The Fed, in a report of its 2013 financial results, said net assets increased by US$1.1 trillion compared with its balance on December 31, 2012.

It paid net profit of US$79.6 billion to the US Treasury. By law, the non-profit central bank is required to turn over any profit in excess of operating and other expenses to the government.

Last year's Treasury payment was less than the record US$88.4 billion in 2012. The Fed said it had reaped no gains on the sales of US Treasury securities in 2013 compared with US$13.3 billion in gains in the prior year.

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