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Ottawa, January 6, 1997
1997-001
Official International Reserves
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to U.S. $462 million during December to $20,578 million; official government operations decreased reserves by $671 million. Details on the level and composition of Canada's reserves as of December 31, 1996, as well as the major factors underlying the change in reserves, are provided below.
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| (Millions of U.S. Dollars) | ||
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| U.S. Dollars | 17,521 | |
| Other Foreign Currencies | 507 | |
| Gold | 155 | |
| Special Drawing Rights | 1,168 | |
| Reserve Position in IMF | 1,227 | |
| Total: | December 31, 1996 | 20,578 |
| November 30, 1996 | 20,116 | |
| Change | +462 | |
| Details of Change | ||
| Foreign Currency Debt1 | +1,054 | |
| Gain on Gold Sales2 | - | |
| Earnings on Investments | +97 | |
| Revaluation Effects | -9 | |
| Official Government Operations | -671 | |
| Other Transactions | -9 | |
| Net Change | +462 | |
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1. During December, Canada Bills decreased by $35.7 million, to a level of outstanding bills of $5,054.8 million and Canada Notes increased by $90 million to a level of oustanding notes of $1,525.2 million. Foreign currency debt was also increased by long term cross currency swaps of domestic obligations, which raised U.S. $1.0 billion. 2. On December 31, gold holdings stood at 3.1 million ounces. |
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For further information:
| Rob Stewart (613) 992-4468 |
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| Last Updated: 2005-01-04 |
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