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Saturday, June 04, 2005

Canada's international reserves down $567 million in May: Finance Dept

OTTAWA (CP) - Canada's international reserves fell by $567 million US in May, the Finance Department reported Friday.

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Revaluation, which reflects changes in the market value of reserve assets from movements in exchange rates, cost the government $749 million, and foreign currency debt charges cost $55 million.

The government made $161 million on investments and $76 million from reserve management operations.

All figures are in U.S. dollars.

Foreign currency reserves as of May 31 consisted of $29.21 billion in securities and $2.058 billion in deposits for a total $31.268 billion in liquid reserves.

The government held $45 million in gold, had special drawing rights of $904 million and a reserve position in the
International Monetary Fund

International Monetary Fund of $2.817 billion.

The $31.268 billion in liquid reserves consisted of $16.786 billion US, $13.448 billion Euro, $1.031 billion Yen, and $3.0 million in other holdings.


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