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2000 April Report of the Auditor General of Canada

April 2000 Report—Chapter 8

Exhibit 8.6—Foreign Currency Liabilities and Assets

Foreign currency liabilities report government borrowing in non-Canadian currencies while foreign currency reserves report the investment of these funds in high-quality, non-Canadian assets. The difference between the cost of borrowing and the return on investment is about 10 to 20 basis points.