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Ottawa, November 3, 1995
1995-087

Official International Reserves

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to U.S. $473 million during October to $15,720 million; official government operations decreased reserves by $417 million. Details on the level and composition of Canada's reserves as of October 31, 1995, as well as the major factors underlying the change in reserves, are provided below.

(Millions of U.S. Dollars)
U.S. Dollars 12,631
Other Foreign Currencies 510
Gold 187
Special Drawing Rights 1,176
Reserve Position in IMF  1,216
Total: October 31, 1995 15,720
September 30, 1995 16,193
Change -473

Details of Change
Foreign Currency Debt[1] -122
Short Term Swaps[2]  -
Gain on Gold Sales[3] +19
Earnings on Investments +81
Revaluation Effects -23
Official Government Operations -417
Other Transactions -11
Net Change -473

Notes

[1] During October, Canada Bills decreased by $122 million, to a level of outstanding bills of $3,166 million
[2] On October 31, there were no outstanding swaps.
[3] Includes a reduction in the book value of gold holdings of $3.0 million and an increase in holdings of U.S. dollars of $21.6 million due to sales of 56 thousand ounces of gold. On October 31, gold holdings stood at 3.6 million ounces.

___________________
For further information:

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

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