Note to readers

International investment position

First quarter 2004

This release includes additional series measuring portfolio investment at market value. Data on Canadian and foreign shares as well as bonds are now available at market and book value. Data on other accounts such as money market instruments, international reserves and foreign direct investment will also be examined on a market value basis next year.

Estimates from 1990 to the first quarter of 2004 are now available. These data are part of a multi-year initiative to improve the balance sheet information for all sectors of the economy. For more information, see Balance sheet estimates at market value.

Revised estimates for Canadian money market securities

In addition, the quarterly series covering Canadian money market transactions and positions with non-residents have been revised back to the first quarter of 2003 based on new methodology. Money market securities are now estimated using an instrument-by-instrument approach, as has been the case for long-term debt for many years. The value of money market securities held now includes interest accruals, which are made up of accruals on coupons and the amortization between the issue price and the maturity price.

Currency revaluation

The value of assets and liabilities denominated in foreign currency are converted to Canadian dollars at the end of each period for which a balance sheet is calculated. Most of Canada's foreign assets are denominated in foreign currencies, while less than half of our international liabilities are in foreign currencies.

When the Canadian dollar is appreciating in value, the restatement of the value of these assets and liabilities in Canadian dollars lowers the recorded value. The opposite is true when the dollar is depreciating.