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Ottawa, August 3, 1995
1995-060

Official International Reserves

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to U.S. $1,793 million during July to $16,800 million; official government operations increased reserves by $405 million. Details on the level and composition of Canada's reserves as of July 31, 1995, as well as the major factors underlying the change in reserves, are provided below.

(Millions of U.S. Dollars)


U.S. Dollars		13,737
Other Foreign Currencies		406
Gold		202
Special Drawing Rights		1,218
Reserve Position in IMF		1,237
Total:	July 31, 1995	16,800
	June 30, 1995	15,007
Change		1,793
Details of Change
Foreign Currency Debt^[1]		+1,325
Short Term Swaps^[2]		-
Gain on Gold Sales^[3]		+11
Earnings on Investments		+75
Revaluation Effects		-27
Official Government Operations		+405
Other Transactions		+4
Net Change		+1,793

Notes [1] During July, Canada Bills decreased by $47 million, to a level of outstanding bills of $3,789 million. A 10-year Global Bond was issued to raise $1.5 billion while a $128 million loan was repaid. [2] On July 31, there were no outstanding swaps. [3] Includes a reduction in the book value of gold holdings of $1.8 million and an increase in holdings of U.S. dollars of $12.6 million due to sales of 33 thousand ounces of gold. On July 31, gold holdings stood at 3.7 million ounces.

___________________
For further information:

Jon Cockerline
(613) 992-4468



		Last Updated: 2002-11-26			Important Notices