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Ottawa, December 3, 1998
1998-118
Official International Reserves
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to U.S. $3,227 million during November to $23,342 million; official government operations decreased reserves by $187 million. Details on the level and composition of Canada's reserves as of November 30, 1998, 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 | 16,185 | |
| Other Foreign Currencies | 3,899 | |
| Gold | 120 | |
| Special Drawing Rights | 1,076 | |
| Reserve Position in IMF | 2,062 | |
| Total: | November 30, 1998 | 23,342 |
| October 31, 1998 | 20,115 | |
| Change | +3,227 | |
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Details of Change |
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| Foreign Currency Debt(1) | +3,483 | |
| Gain on Gold Sales(2) | +2 | |
| Earnings on Investments | +86 | |
| Revaluation Effects | -157 | |
| Official Government Operations | -187 | |
| Other Transactions | - | |
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Net Change |
+3,227 | |
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(1) During November, Canada Bills decreased by $125.4 million, to a level of outstanding bills of $7,210.9 million. A French Franc Eurobond was issued to raise the equivalent of $708 million. Fixed and floating cross currency swaps of domestic obligations raised $400 million. A 10-year Global Bond was issued to raise $2.5 billion. (2) Includes a reduction in the book value of gold holdings of $0.5 million and an increase in reserves of $2.9 million due to sales of 10 thousand ounces of gold. On November 30, gold holdings stood at 2.5 million ounces. |
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Future Release Dates
The next release date is January 6, 1999 (covering the period of December 1998).
A list of upcoming release dates is posted on the Department of Finance website located at: http://www.fin.gc.ca/invest_x/releaseDates_e.asp.
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| Wayne Foster (613) 996-0317 |
Jean-Michel Catta Public Affairs and Operations Division (613) 992-1574 |
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| Last Updated: 2004-07-15 |
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