Canada plans to sell as much as $3 billion of U.S.-dollar bonds worldwide in Ã¢â‚¬Å“the near future,Ã¢â‚¬Â the first such sale in more than a decade, to boost foreign- exchange reserves and support lending by the International Monetary Fund.
Finance Minister Jim Flaherty announced the sale on the departmentÃ¢â‚¬â„¢s Web site today, without giving the amount to be sold. Department spokesman Jack Aubry said the sale would be Ã¢â‚¬Å“benchmark size,Ã¢â‚¬Â worth as much as $3 billion.
Ã¢â‚¬Å“The global bond issue will prudently diversify the governmentÃ¢â‚¬â„¢s sources of foreign currency financing,Ã¢â‚¬Â the statement said. The government also uses swaps to fund its Exchange Fund Account where foreign currencies are held.
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