By Patrick Book

High Canadian dollar costing Saskatchewan treasury

Jul 27, 2011 | 5:08 PM

Every cent the Canadian dollar climbs above projections, the cost to the Saskatchewan treasury is about $30 million.

Saskatchewan Finance Minister Ken Krawetz says the government has adjusted their prediction in last week's first quarter financial report.

“At (the first quarter) we recognized that there was an increase in the dollar over a period of time. We have now revised our forecast to a dollar-three,” said Krawetz.

He concedes the province may have to do it again if the higher rate sticks around.

“We may have to adjust our mid-year forecast, but that’s down the road. The end of July is only going to be a third of the year,” said Krawetz.

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The projections are year-long, and Krawetz is hopeful that the rates will average out over time.

“This is a full year forecast and we want to ensure that we don’t panic when something is spiking either up or down,” said Krawetz.

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