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Ottawa, January 5, 1995
1995-002

Official International Reserves

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to U.S. $1,003 million during December to $12,475 million; official government operations decreased reserves by $1,604 million. Details on the level and composition of Canada's reserves as of December 31, 1994, as well as the major factors underlying the change in reserves, are provided below.

(Millions of U.S. Dollars) 
U.S. Dollars 9,693
Other Foreign Currencies 526
Gold 198
Special Drawing Rights 1,148
Reserve Position in IMF 910
Total:   December 31, 1994 12,475
November 30, 1994 13,478
Change -1,003

Details of Change
Foreign Currency Debt[1] +575 
Short Term Swaps[2] -
Gain on Gold Sales[3]  +7
Earnings on Investments  +2
Revaluation Effects +5 
Official Government Operations -1,604
Other Transactions +12
Net Change -1,003

Notes
 [1] During December net sales of Canada Bills totalled +575 million, increasing the level of outstanding bills to $4.030.0 million.
[2] On December 31, there were no outstanding swaps.
[3] Includes a reduction in the book value of gold holdings of $1.1 million and an increase in holdings of U.S. dollars of $8.1 million due to sales of 21 thousand ounces of gold. On December 31, gold holdings stood at 3.9 million ounces.

___________________
For further information:

Suzanne McKellips
(613) 992-5259

Last Updated: 2002-11-26

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