Release at 8:15 a.m. EST
Ottawa, February 5, 2008
2008-009

Archived - Official International Reserves

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- Monthly Official International Reserves Results Archive -


The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$1,180 million during January to US$42,261 million.

Details on the level and composition of Canada’s reserves as of January 31, 2008, 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

37,721

Deposits

   2,745

Total securities and deposits (liquid reserves)

40,466

Gold1

101

Special drawing rights (SDRs)

1,026

Reserve position in the IMF

     668

Total: 

January 31, 2008

42,261

December 31, 2007

 41,081

Net change

1,180


Details on Deposits

Other central banks/Bank for International Settlements

655

Banks headquartered in Canada

0

   Of which: located abroad

0

Banks headquartered abroad

2,090

   Of which: located in Canada

0

            

Total

2,745


Details of Net Change

Reserves management operations2

92

Gains and losses on gold sales

0

Net investment gains and losses

   Return on investments3

670

   Foreign currency debt charges

-11

   Revaluation effects4

428

Net government operations5

0

Official intervention

0

Other transactions

          1

Net change

1,180


Currency Composition of Deposits and Securities

US dollars

19,804

Euro

20,103

Yen

      559

Total

40,466


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

0-1
month

1-3
months

3-12
months

Total


Foreign currency securities6

Principal

-821

-1,671

-7,533

-10,025

Interest

-9

-198

-1,265

-1,472

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

-830

-1,869

-8,798

-11,497

Additional Information (Nominal Value)

Undrawn, unconditional credit lines with banks headquartered outside Canada

0

Securities lent under repurchase agreements7

-2,580

Securities held under repurchase agreements8

1,286

Financial derivatives assets (net, marked to market)

   Forwards

0

   Swaps

3,435


Notes:

1. There were no sales of gold settled in January. On January 31, gold holdings stood at 0.1 million ounces. The valuation is based on the January 31, 2008, London p.m. fix of US$923 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 January, Canada bills increased by US$36 million to a level of outstanding bills of US$1,965 million. A total of US$100 million of cross-currency swaps of domestic obligations were raised while US$44 million in swaps matured. In addition, a euro medium-term note of US$44 million matured.

3. "Return on investments" comprises US$113 million of interest earned on investments and a US$557-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 January, 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 March 5, 2008 (covering the period February 2008).

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)

January 31, 2008

19,804

20,662

101

1,026

668

42,261

December 31, 2007

19,257

20,057

91

1,015

661

41,081

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


Dec. 31, 2007

19,257

20,057

91

1,015

661

41,081

Dec. 31, 2006

15,608

17,590

69

963

833

35,063

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