Canada adds sterling to foreign currency reserves

first_imgJames Langton Ontario court certifies FX benchmark class action Keywords Foreign exchange Related news OSC approves $24.5M in settlements with TD, RBC Share this article and your comments with peers on social mediacenter_img The move comes in response to an assessment by the Department of Finance and the Bank of Canada of the benefits of including additional currencies to its holdings, “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.” Finance also notes that the inclusion of the British pound 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.” TransferWise to launch borderless debit card in Canada in 2019 In a bid to improve its ability to deal with a major disruption in foreign exchange markets, the federal government is further diversifying its foreign exchange holdings, federal finance minister Jim Flaherty announced Monday. Flaherty said Canada will add pound sterling-denominated assets to the Exchange Fund Account (EFA), which currently holds U.S.-dollar, euro- and yen-denominated assets. Facebook LinkedIn Twitterlast_img read more