Release at 8:15 a.m. EDT
Ottawa, May 5, 2008
2008-036

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$545 million during April to US$43,602 million.

Details on the level and composition of Canada’s reserves as of April 30, 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

38,746

Deposits

    3,058

Total securities and deposits (liquid reserves)

41,804

Gold1

95

Special drawing rights (SDRs)

1,044

Reserve position in the IMF

 659

Total: 

April 30, 2008 43,602
March 31, 2008   43,057
Net change 545

Details on Deposits

Other central banks/Bank for International Settlements

940

Banks headquartered in Canada

0

  Of which: located abroad

0

Banks headquartered abroad

2,118

  Of which: located in Canada

0            
Total 3,058

Details of Net Change

Reserves management operations2

1,170

Gains and losses on gold sales

0

Net investment gains and losses

   Return on investments3

-238

   Foreign currency debt charges

-100

   Revaluation effects4

-287

Net government operations5

0

Official intervention

0

Other transactions

           0
Net change 545

Currency Composition of Deposits and Securities
US dollars 19,892
Euro 21,345
Yen         567
Total 41,804

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


0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6 Principal -981 -5,095 -5,997 -12,073
Interest -82 -776 -665 -1,524

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

-1,063 -5,871 -6,662 -13,597

Additional Information (Nominal Value)

Undrawn, unconditional credit lines with banks headquartered outside Canada

0

Securities lent under repurchase agreements7

-2,739

Securities held under repurchase agreements8

1,316

Financial derivatives assets (net, marked to market)

   Forwards

0

   Swaps

2,997

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, 2008, London p.m. fix of US$871 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 increased by US$420 million to a level of outstanding bills of US$1,865 million. A total of US$750 million of cross-currency swaps of domestic obligations were raised.

3. "Return on investments" comprises US$102 million of interest earned on investments and a US$340-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 depreciation 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 4, 2008 (covering the period May 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 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)

April 30, 2008

19,892 21,912 95 1,044 659 43,602

March 31, 2008

18,896 22,329 102 1,062 668 43,057

February 29, 2008

20,013 21,805 106 1,035 654 43,613

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

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