Release at 8:15 a.m. EST
Ottawa, 
December 5, 2007
2007-094

Archived - Official International Reserves

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- Official International Reserves 2007 -


The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$55 million during November to US$40,852 million.

Details on the level and composition of Canada's reserves as of November 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

36,621

Deposits

 2,439

Total securities and deposits (liquid reserves)

39,060

Gold1

85

Special drawing rights (SDRs)

1,022

Reserve position in the IMF

     685

Total: November 30, 2007

40,852

  October 31, 2007

40,797

Net change

55


Details on Deposits
Other central banks/Bank for International Settlements

531

Banks headquartered in Canada

0

   Of which: located abroad

0

 
Banks headquartered abroad

1,908

   Of which: located in Canada

0

           

Total

2,439


Details of Net Change
Reserves management operations2

-484

Gains and losses on gold sales

0

Net investment gains and losses
   Return on investments3

406

   Foreign currency debt charges

-92

   Revaluation effects4

225

Net government operations5

0

Official intervention

0

Other transactions

    0

Net change

55


Currency Composition of Deposits and Securities
US dollars

18,914

Euro

19,613

Yen

     533

Total

39,060


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

0-1
month

1-3
months

3-12
months

Total


Foreign currency securities6 Principal

-590

-852

-8,028

-9,470

Interest

-245

-12

-1,345

-1,603

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

-835

-864

-9,374

-11,073


Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada  

0

   
Securities lent under repurchase agreements7  

-2,365

   
Securities held under repurchase agreements8  

1,104

   
Financial derivatives assets (net, marked to market)        
  Forwards  

0

   
  Swaps  

4,077

   

Notes:
  1. There were no sales of gold settled in November. On November 30, gold holdings stood at 0.1 million ounces. The valuation is based on the November 30, 2007, London p.m. fix of US$784 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 November, Canada bills decreased by US$454 million to a level of outstanding bills of US$1,428 million. A European Medium-Term Note of US$30 million matured and an interest rate swap of US$25 million matured.
  3. "Return on investments" comprises US$120 million of interest earned on investments and a US$286-million increase 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 November, 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 January 4, 2008 (covering the period December 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-April 1, 2006-March 31, 2007, located at www.fin.gc.ca/toc/2007/oir07_-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)

November 30, 2007

18,914

20,146

85

1,022

685

40,852

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


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