Saturday 13 February 2016

Federal Reserve Bank of New York

Federal Reserve Bank of New York was officially opened on 16 November 1914

Under the direction of Benjamin Strong Jr., employed the guards 7 and 85 employees, obtained mainly from local banks. On the first day, the bank received $ 100 million. Benjamin Strong served as director until his death in 1928.

Over the years, the Bank dynamically developed employing a growing number of employees. In the mid-20s based bank moved to Wall Street, where it stands to this day. 25 meters beneath the streets of Manhattan built the treasury. In 1927. In bank safes were as many as 10% of the world of money invested in gold.
In 2003. In one day the bank carried out operations amounting to the sum of 1.8 trillion dollars, an amount which is almost four times greater than the GDP Polish.
The current bank director William C. Dudley, who performs this function since 2009.

The largest repository of gold in the world

In the underground bank vault is now about 7 000 tons of pure gold at about 540 thousand. bars, with a market value of $ 346 billion (approx. 1.18 billion PLN) (December 2011), making it the largest such repository in the world, larger even than Fort Knox. Almost 95% of the gold is owned by many different countries, central banks and organizations such as the IMF, the rest belongs to the United States.

Federal Reserve Bank of New York is only the guardian, and only charged a fee for the transfer of gold in another place - $ 1.75 for the nugget. Treasury is open to the public for visitors.

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