Net income of the 12 Federal Reserve banks rose nearly 27% to $27.6 billion in 1998, the Federal Reserve Board reported Thursday.

Gains on assets denominated in foreign currencies added $1.92 billion to income last year. By contrast, in 1997 the Fed lost $2.58 billion on such assets.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.