Canada’s international reserves declined by US$475 million in August to US$35.290 billion, the Finance Department reported Wednesday.

The department said revaluation, “reflecting changes in the market value of reserve assets resulting from movements in exchange rates” cost US$315 million.

The net change in securities and deposits resulting from foreign currency funding by the government cost US$111 million.

The government lost US$24 million on investments, and foreign currency debt charges cost US$26 million.

It gained US$1 million on gold sales of 135,720 ounces.

The department said its foreign currency reserves as of Aug. 31 consisted of US$28.575 billion in securities and US$2.1 billion in deposits for a total of US$30.675 billion in liquid reserves.

In July, international reserves declined by US$934 million.