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Ottawa, June 4, 1997 1997-048
Official International Reserves
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to U.S. $1,169 million during May to $21,025 million; official government operations increased reserves by $966 million. Details on the level and composition of Canada's reserves as of May 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 |
18,084 |
Other Foreign Currencies |
515 |
Gold |
150 |
Special Drawing Rights |
1,146 |
Reserve Position in IMF |
1,130 |
Total: |
May 31, 1997 |
21,025 |
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April 30, 1997 |
19,856 |
Change |
+1,169 |
Details of Change
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Foreign Currency Debt(1) |
+30 |
Gain on Gold Sales(2) |
- |
Earnings on Investments |
+99 |
Revaluation Effects |
+70 |
Official Government Operations |
+966 |
Other Transactions |
+4 |
Net Change |
+1,169 |
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(1) During May, Canada Bills increased by $40.4 million, to a level
of outstanding bills of $5,437.4 million and Canada Notes decreased
by $10 million to a level of outstanding notes of $1,302.2 million.
(2) On May 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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