Ottawa, October 3, 2006
2006-052

Archived - Minister of Finance Releases Report on Canada's Foreign Reserve Holdings

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The Honourable Jim Flaherty, Minister of Finance, today released the Report on the Management of Canada's Official International Reserves for January 1, 2005-March 31, 2006.

This annual report provides details on official international reserves operations, primarily the Exchange Fund Account (EFA), a portfolio held to provide foreign currency liquidity for the Government and to provide the funds, if required, to help promote orderly conditions for the Canadian dollar in foreign exchange markets. Minister Flaherty noted the EFA has successfully met the objectives of maintaining value and minimizing costs to taxpayers.

Overall, the market value of the official international reserves stood at US$36 billion as at March 31, 2006, up from US$34.5 billion as at December 31, 2004.

The report can be viewed free of charge on the Department of Finance website. Printed copies are available free of charge from the Department of Finance Distribution Centre at 613-995-2855.

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For further information, media may contact:

Eric Richer
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080

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