Exchange Stabilization Fund

The Exchange Stabilization Fund (ESF) is an emergency reserve fund of the United States Treasury Department, normally used for foreign exchange intervention. This arrangement (as opposed to having the central bank intervene directly) allows the US government to influence currency exchange rates without directly affecting domestic money supply.

The fund's net position at the end of 2024 was $39 billion. Its total assets were $210 billion, the difference being largely attributable to $166 billion in Special Drawing Rights (SDRs) from the International Monetary Fund.

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