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Ottawa, June 5, 1995
1995-045

Official International Reserves

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to U.S. $263 million during May to $15,220 million; official government operations decreased reserves by $58 million. Details on the level and composition of Canada's reserves as of May 31, 1995, as well as the major factors underlying the change in reserves, are provided below.

(Millions of U.S. Dollars)
U.S. Dollars 11,883
Other Foreign Currencies 477
Gold 208
Special Drawing Rights 1,428
Reserve Position in IMF   1,224
Total: May 31, 1995 15,220
April 30, 1995 14,957
Change +263

Details of Change
Foreign Currency Debt [1] +191
Short Term Swaps [2]   -
Gain on Gold Sales  [3]  +17
Earnings on Investments  +94
Revaluation Effects  0
Official Government Operations -58
Other Transactions    +19
Net Change +263
Notes

[1] During May, Canada Bills decreased by $1,309 million, to a level of outstanding bills of $4,125 million. A 5-year Global Bond was issued to raise $1.5 billion.
[2] On May 31, there were no outstanding swaps.
[3] Includes a reduction in the book value of gold holdings of $2.8 million and an increase in holdings of U.S. dollars of $19.9 million due to sales of 51 thousand ounces of gold. On May 31, gold holdings stood at 3.8 million ounces.

____________________
Suzanne McKellips
(613) 992-5259

Last Updated: 2002-11-26

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