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Ottawa, July 6, 1995
1995-053

Official International Reserves

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to U.S. $213 million during June to $15,007 million; official government operations increased reserves by $14 million. Details on the level and composition of Canada's reserves as of June 30, 1995, as well as the major factors underlying the change in reserves, are provided below.

(Millions of U.S. Dollars)
U.S. Dollars 11,795
Other Foreign Currencies 381
Gold 205
Special Drawing Rights 1,421
Reserve Position in IMF 1,205
Total: June 30, 1995 15,007
May 31, 1995 15,220
Change -213

Details of Change
Foreign Currency Debt [1]  -290
Short Term Swaps [2] -
Gain on Gold Sales [3] +16
Earnings on Investments +72
Revaluation Effects -5
Official Government Operations +14
Other Transactions    -20
Net Change -213

Notes

[1] During June, Canada Bills decreased by $290 million, to a level of outstanding bills of $3,836 million.
[2] On June 30, there were no outstanding swaps.
[3] Includes a reduction in the book value of gold holdings of $2.6 million and an increase in holdings of U.S. dollars of $18.8 million due to sales of 48 thousand ounces of gold. On June 30, gold holdings stood at 3.7 million ounces.

___________________
For further information:

Jon Cockerline
(613) 992-4468
Last Updated: 2002-11-26

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