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Report on the Management of Canada’s Official International Reserves 2004


Purpose of the Report

Highlights of 2004

Overview of the Exchange Fund Account

Management Framework

Governance of the EFA

EFA Management Policy

Review of Operations in 2004

Major Initiatives

The Market Environment

Composition of the Official International Reserves

Changes in the Level of the Official International Reserves

Sources of Changes During 2004

Financing

Portfolio Performance

Risk Measures

Annex 1: Foreign Exchange Market Intervention

Annex 2: Investment and Credit Guidelines for the EFA

Annex 3: Canada’s Official International Reserves

Annex 4: Glossary

Financial Statements


Last Updated: 2006-10-03

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