G.5A(405)                                                       January 3, 2006





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2005 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         2005         2004         2003         2002

               *AUSTRALIA        DOLLAR          0.7627       0.7365       0.6524       0.5437
                BRAZIL           REAL            2.4352       2.9262       3.0750       2.9213
                CANADA           DOLLAR          1.2115       1.3017       1.4008       1.5704
                CHINA,P.R.       YUAN            8.1936       8.2768       8.2772       8.2771
                DENMARK          KRONE           5.9953       5.9891       6.5774       7.8862
               *EMU MEMBERS      EURO            1.2449       1.2438       1.1321       0.9454
                HONG KONG        DOLLAR          7.7775       7.7891       7.7875       7.7996
                INDIA            RUPEE          44.00        45.26        46.59        48.63
                JAPAN            YEN           110.11       108.15       115.94       125.22
                MALAYSIA         RINGGIT         3.7869       3.8000       3.8000       3.8000
                MEXICO           PESO           10.894       11.290       10.793        9.663
               *NEW ZEALAND      DOLLAR          0.7049       0.6643       0.5822       0.4645
                NORWAY           KRONE           6.4412       6.7399       7.0803       7.9839
                SINGAPORE        DOLLAR          1.6639       1.6902       1.7429       1.7908
                SOUTH AFRICA     RAND            6.3606       6.4402       7.5550      10.5176
                SOUTH KOREA      WON          1023.75      1145.24      1192.08      1250.31
                SRI LANKA        RUPEE         100.383      101.268       96.541       95.773
                SWEDEN           KRONA           7.4710       7.3480       8.0787       9.7233
                SWITZERLAND      FRANC           1.2459       1.2428       1.3450       1.5567
                TAIWAN           DOLLAR         32.131       33.372       34.405       34.536
                THAILAND         BAHT           40.252       40.271       41.556       43.019
               *UNITED KINGDOM   POUND           1.8204       1.8330       1.6347       1.5025
                VENEZUELA        BOLIVAR      2107.13      1886.13      1613.43      1161.19

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     110.81       113.59       119.09       126.66
              2)MAJOR CURRENCY   MAR73=100      83.78        85.37        93.00       105.99
              3)OITP             JAN97=100     138.90       143.39       143.54       140.36

               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. The source for exchange rates not listed
               in the table above but used in the calculation of the broad and OITP indexes is Bloomberg.

               *  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

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