Archived - Canada to Add Pound Sterling (GBP) Assets to the Exchange Fund Account
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March 3, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Jim Flaherty today announced that the Government of Canada will add pound sterling (GBP)-denominated assets to the Exchange Fund Account (EFA).
In recent months, the Department of Finance and the Bank of Canada have assessed the benefits of including additional currencies to increase the liquidity of the portfolio and to be better positioned to respond in the unlikely event of a severe disturbance in exchange markets.
The inclusion of the GBP in the EFA is in line with the objectives of the portfolio, which are to aid in the control and protection of the external value of the Canadian dollar and provide the Government with foreign currency liquidity.
Information on the management of Canada’s foreign reserves held in the EFA can be found on the Department of Finance website.
- The EFA currently holds US-dollar, euro- and yen-denominated assets.
“The addition of pound sterling assets to the Exchange Fund Account will diversify the foreign currency composition of Canada’s foreign reserves and improve the liquidity of the portfolio.”
- Jim Flaherty, Minister of Finance
Office of the Minister of Finance
Department of Finance