March 14, 2013 / 12:47 PM / 6 years ago

Canada's net foreign debt dips in fourth quarter

OTTAWA (Reuters) - Canada’s net foreign debt decreased in the fourth quarter of 2012 due to the effect of the weaker Canadian dollar on international assets and liabilities as well as a weaker inflow of foreign funds, Statistics Canada said on Thursday.

Net foreign debt fell to C$288.6 billion ($280.2 billion) from C$293.3 billion in the third quarter, the agency said.

Canada’s international assets increased during the quarter, largely due to purchases of foreign securities, and the currency’s depreciation against other major currencies in the period increased the value of foreign-denominated holdings.

The country’s liabilities also grew on sustained foreign investor interest in the Canadian economy.

Canada’s net foreign debt has tended to increase since the second quarter of 2007, the start of the global credit crunch.

Reporting By Louise Egan and Alex Paterson; Editing by Chizu Nomiyama

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