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Ottawa, August 6, 1997
1997-068
Official International Reserves
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to U.S. $1,705 million during July to $19,553 million; official government operations decreased reserves by $116 million. Details on the level and composition of Canada's reserves as of July 31, 1997, 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 | 16,678 |
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| Other Foreign Currencies | 507 |
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| Gold | 147 |
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| Special Drawing Rights | 1,118 |
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| Reserve Position in IMF | 1,103 |
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| Total: |
July 31, 1997 |
19,553 |
| June 30, 1997 |
21,258 | |
| Change | -1,705 |
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Details of Change |
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| Foreign Currency Debt (1) | -1 636 |
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| Gain on Gold Sales (2) | - |
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| Earnings on Investments | +92 |
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| Revaluation Effects | -64 |
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| Official Government Operations | -116 |
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| Other Transactions | +19 |
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| Net Change | -1,705 |
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1.During July, Canada Bills decreased by $1,135.2 million, to a level of outstanding bills of $4,757.3 million and Canada Notes increased by $5 million to a level of outstanding notes of $1,297.2 million. The Canada Euro Medium-Term Note (EMTN) program commenced in July with sales of $493.9 million. A $2 billion bond was repaid on July 7. A 5-year Global Bond was issued to raise $1 billion. 2. On July 31, gold holdings stood at 3.1 million ounces. |
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For further information:
Charlie Seeto
(613) 992-6747
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| Last Updated: 2005-01-04 |
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