Ottawa, August 6, 2008
2008-057

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 decreased by an amount equivalent to US$1,196 million during July to US$42,659 million.

Details on the level and composition of Canada’s reserves as of July 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 39,522
Deposits  1,233
Total securities and deposits
(liquid reserves)
40,755
Gold1 100
Special drawing rights (SDRs) 1,042
Reserve position in the IMF  762
Total: July 31, 2008 42,659
  June 30, 2008 43,855

Net change

-1,196

Details on Deposits
Other central banks/Bank for
 International Settlements
356
Banks headquartered in Canada

0

 Of which: located abroad

0         

Banks headquartered abroad 877
 Of which: located in Canada 0         

Total

1,233

Details of Net Change
Reserves management operations2

-1,157

Gains and losses on gold sales

0

Net investment gains and losses
   Return on investments3

366

   Foreign currency debt charges

-194

   Revaluation effects4

-211

Net government operations5

0

Official intervention

0

Other transactions

    0

Net change

-1,196


Currency Composition of Deposits and Securities
US dollars

21,767

Euro

18,441

Yen

   547

Total

40,755


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

0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6
 
Principal   -1,084   -2,913   -6,694   -10,691
Interest -24 -226 -1,084 -1,334
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 -1,108 -3,140 -7,778 -12,026

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with  banks headquartered outside Canada 0
Securities lent under repurchase agreements7 -2,529
Securities held under repurchase agreements8 573
Financial derivatives assets (net, marked to market)
   Forwards 0
   Swaps 2,403

Notes:

1. There were no sales of gold settled in July. On July 31, gold holdings stood at 0.1 million ounces. The valuation is based on the July 31, 2008, London p.m. fix of US$918 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 July, Canada bills increased by US$1,277 million to a level of outstanding bills of US$3,484 million. A total of US$781 million of cross-currency swaps of domestic obligations were raised. US$3,215 million in bonds matured.

3. "Return on investments" comprises US$108 million of interest earned on investments and a US$258-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 July, 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 September 4, 2008 (covering the period August 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:

David Burke
Financial Markets Division Department of Finance
613-992-7170

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.

To receive e-mail notification of all news releases, please register 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)
July 31, 2008   21,767 18,988     100     1,042 762    42,659
June 30, 2008 19,964 21,967 101 1,050 773 43,855
May 30, 2008 19,919 21,763 97 1,042 767 43,588
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

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