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Release at 8:15 a.m. EST
Ottawa, November 5, 2007
2007-085

Archived - Official International Reserves

This Web page has been archived on the Web.

- Official International Reserves 2007 -

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$185 million during October to US$40,797 million.

Details on the level and composition of Canada's reserves as of October 31, 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		36,636
Deposits		2,388
Total securities and deposits (liquid reserves)		39,024
Gold¹		86
Special drawing rights (SDRs)		1,010
Reserve position in the IMF		677
Total:	October 31, 2007	40,797
	September 30, 2007	40,982
Net change		-185

Details on Deposits
Other central banks/Bank for International Settlements		598
Banks headquartered in Canada		0
Of which: located abroad		0
Banks headquartered abroad		1,790
Of which: located in Canada		0
Total		2,388

Details of Net Change
Reserves management operations²			-582
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			240
Foreign currency debt charges			-157
Revaluation effects⁴			314
Net government operations⁵			0
Official intervention			0
Other transactions			0
Net change			-185

Currency Composition of Deposits and Securities
US dollars				19,218
Euro				19,292
Yen				514
Total				39,024

		0-1 month	1-3 months	3-12 months	Total
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)


Foreign currency securities⁶	Principal	-850	-1,012	-5,551	-7,412
Foreign currency securities⁶	Interest	-84	-249	-1,267	-1,600
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-934	-1,260	-6,818	-9,012

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			0
Securities lent under repurchase agreements⁷			-2,663
Securities held under repurchase agreements⁸			981
Financial derivatives assets (net, market to market)
Forwards			0
Swaps			6,006

Notes: There were no sales of gold settled in October. On October 31, gold holdings stood at 0.1 million ounces. The valuation is based on the October 31, 2007, London p.m. fix of US$790 per ounce. 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 October, Canada bills decreased by US$141 million to a level of outstanding bills of US$1,882 million. A total of US$276 million of cross-currency swaps of domestic obligations were raised while US$718 million in swaps matured. In addition, a global bond of US$319 million matured. "Return on investments" comprises US$116 million of interest earned on investments and a US$124-million increase in the market value of securities resulting from changes in interest rates. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In October, the revaluation effect was mainly due to the appreciation of the euro. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities‑lending transactions is not included in total reserves. 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 December 5, 2007 (covering the period November 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 http://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)
October 31, 2007	19,218	19,806	86	1,010	677	40,797
September 30, 2007	19,452	19,777	81	1,001	671	40,982
August 31, 2007	19,989	18,594	73	985	660	40,301
July 31, 2007	20,067	18,494	73	984	685	40,303
June 30, 2007	19,487	18,186	71	974	695	39,413
May 31, 2007	20,088	18,271	72	972	693	40,096
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 31, 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

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