Release at 8:15 a.m. EDT
Ottawa, May 3, 2007
2007-040

Archived - Official International Reserves

Archived information

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The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$874 million during April to US$40,183 million.

Details on the level and composition of Canada's reserves as of April 30, 2007, as well as the major factors underlying the change in reserves, are provided below. All figures are in millions of US dollars unless otherwise noted.


Foreign Currency Reserves

Securities

34,106

Deposits

  4,311

Total securities and deposits (liquid reserves)

38,417

Gold1

74

Special drawing rights (SDRs)

978

Reserve position in the IMF

     714

Total: 

April 30, 2007

40,183

March 31, 2007

39,309

Net change

874


Details on Deposits

Other central banks/Bank for International Settlements

552

Banks headquartered in Canada

0

   Of which: located abroad

0

Banks headquartered abroad

 3,759

   Of which: located in Canada

0

           

Total

4,311


Details of Net Change

Reserves management operations2

490

Gains and losses on gold sales

0

Net investment gains and losses

   Return on investments3

85

   Foreign currency debt charges

-91

   Revaluation effects4

390

Net government operations5

0

Official intervention

0

Other transactions

    0

Net change

874


Currency Composition of Deposits and Securities

US dollars

19,982

Euro

17,937

Yen

     498

Total

38,417


Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)


0-1
month

1-3
months

3-12
months

Total


Foreign currency securities6

Principal

-546

-2,054

-1,470

-4,070

Interest

-65

-720

-705

-1,490

Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar

-300

-450

-1,350

-2,100

Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar

         0

         0

         0

         0

Total net drains

-911

-3,224

-3,525

-7,660


Additional Information (Nominal Value)

Undrawn, unconditional credit lines with banks headquartered outside Canada

6,000

Securities lent under repurchase agreements7

-2,601

Securities held under repurchase agreements8

3,054

Financial derivatives assets (net, marked to market)

   Forwards

   Swaps

2,290


Notes:

  1. There were no sales of gold settled in April. On April 30, gold holdings stood at 0.1 million ounces. The valuation is based on the April 30, 2007, London p.m. fix of US$677.00 per ounce.
  2. Net change in securities and deposits resulting from foreign currency funding activities of the Government. (Issuance of foreign currency liabilities used to acquire assets increases reserves, while maturities decrease reserves). During April, Canada bills decreased by US$194 million to a level of outstanding bills of US$1,406 million. Cross-currency swaps of domestic obligations raised US$684 million.
  3. "Return on investments" comprises US$99 million of interest earned on investments and a US$14-million decrease in the market value of securities resulting from changes in interest rates.
  4. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In April, the revaluation effect was mainly due to the appreciation of the euro.
  5. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
  6. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
  7. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves.
  8. Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves.

Future Release Dates

The next release is June 5, 2007 (covering the period May 2007).

A list of upcoming release dates is posted on the Department of Finance website located at www.fin.gc.ca/invest_x /releaseDates_e.asp.

___________________________________
For further information, media may contact:

Clifton Lee-Sing
Financial Markets Division Department of Finance
613-943-1944

David Gamble
Media Relations Department of Finance
613-996-8080 

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves-January 1, 2005 - March 31, 2006, located at www.fin.gc.ca/toc/2006/oir06_-eng.asp.

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance website at

www.fin.gc.ca/scripts/register-eng.asp.


Official International Reserves

(10-Year Synopsis)


US dollars

Other currencies

Gold

SDRs

IMF position

Total


(millions of US dollars)

April 30, 2007

19,982

18,435

74

978

714

40,183

March 31, 2007

19,548

17,991

72

976

722

39,309

February 28, 2007

16,771

17,781

72

966

720

36,310

January 31, 2007

16,679

17,379

71

954

825

35,908

December 29, 2006

15,608

17,590

69

963

833

35,063

November 30, 2006

16,423

18,152

70

965

867

36,477

October 31, 2006

16,256

17,432

66

944

945

35,643

September 30, 2006

16,755

17,166

65

941

1,090

36,017

August 31, 2006

17,010

16,727

68

949

1,099

35,853

July 31, 2006

17,712

16,572

69

942

1,096

36,391

June 30, 2006

17,671

16,143

67

939

1,092

35,912

May 31, 2006

17,846

15,715

71

949

1,103

35,684

April 30, 2006

18,660

14,997

70

931

1,058

35,716


Dec. 31, 2005

16,842

13,822

56

897

1,401

33,018

Dec. 31, 2004

14,426

15,740

48

925

3,327

34,466

Dec. 31, 2003

15,575

15,961

45

838

3,848

36,267

Dec. 31, 2002

17,946

14,739

205

712

3,567

37,169

Dec. 31, 2001

19,748

10,736

291

614

2,859

34,248

Dec. 31, 2000

21,692

7,327

323

574

2,508

32,424

Dec. 31, 1999

18,838

5,594

524

526

3,164

28,646

Dec. 31, 1998

15,907

4,004

122

1,097

2,297

23,427

Dec. 31, 1997

14,630

492

146

1,126

1,575

17,969

Dec. 31, 1996

17,521

507

155

1,168

1,227

20,578