Definition
The overnight reverse repo facility the New York Fed runs for foreign central banks, where they park surplus dollar reserves at an administered rate.
The foreign repo pool is the same FIMA account holders as the FIMA Repo Facility, pointed the other way: instead of borrowing dollars against Treasuries, they lend dollars to the Fed overnight against Treasury collateral. It is the cleanest available read on how much of the world's official dollar reserves are sitting idle rather than deployed into bills or bank deposits, which is why a persistent rise is often read as foreign reserve managers de-risking. The plumbing consequence matters as much as the sentiment one: cash in the pool is sterilized out of the private banking system exactly the way ON RRP balances are, so a growing pool drains bank reserves even though nothing changed on the asset side of the Fed's balance sheet. Note that H.4.1 reports it on its own line, "Reverse repurchase agreements: Foreign official and international accounts", separate from the "Others" line. That distinction is what puts it outside the usual WALCL − TGA − ON RRP net-liquidity identity: the ON RRP term in that formula is RRPONTSYD, the New York Fed desk's overnight RRP with domestic money funds and dealers, which does not include the foreign pool. A pool build is therefore a real drain that the standard net-liquidity formula does not net out. Published weekly as FRED series WLRRAFOIAL, a Wednesday snapshot, currently in the low hundreds of billions. On DollarLiquidity.com it is display-only offshore reference and does not enter the DLI score, because the DLI headline deliberately tracks liquidity FLOW plus funding stress and keeps liquidity LEVELS out.