Release at 8:15 a.m. EST
Ottawa, October 3, 2008
2008-071

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$386 million during September to US$42,980 million.

Details on the level and composition of Canada’s reserves as of September 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

40,091

Deposits

1,026

Total securities and deposits (liquid reserves)

41,117

Gold1

96

Special drawing rights (SDRs)

1,002

Reserve position in the IMF

 765

Total: September 30, 2008

42,980

  August 29, 2008

42,594

Net change

386


Details on Deposits
Other central banks/Bank for International Settlements

976

Banks headquartered in Canada

0

   Of which: located abroad

0

Banks headquartered abroad

50

   Of which: located in Canada

0

     

Total

1,026


Details of Net Change
Reserves management operations2

986

Gains and losses on gold sales

0

Net investment gains and losses
   Return on investments3

211

   Foreign currency debt charges

-84

   Revaluation effects4

-727

Net government operations5

0

Official intervention

0

Other transactions

      0

Net change

386


Currency Composition of Deposits and Securities
US dollars

22,987

Euro

17,579

Yen

   551

Total

41,117


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

0-1
month

1-3
months

3-12
months

Total

Foreign currency securities6 Principal

-2,139

     -3,825

     -4,498

    -10,462

Interest

-137

-240

-952

-1,329

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

-2,275

-4,065

-5,450

-11,790


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

0

Securities lent under repurchase agreements7

-1,788

Securities held under repurchase agreements8

460

Financial derivatives assets
 (net, marked to market)
   Forwards

0

   Swaps

2,158


Notes:

1. There were no sales of gold settled in September. On September 30, gold holdings stood at 0.1 million ounces. The valuation is based on the September 30, 2008, London p.m. fix of US$885 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 September, Canada bills increased by US$174 million to a level of outstanding bills of US$3,587 million. A total of US$863 million of cross-currency swaps of domestic obligations were raised while US$50 million in swaps matured.

3. "Return on investments" comprises US$104 million of interest earned on investments and a US$107-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 September, 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 November 5, 2008 (covering the period October 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 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 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)

September 30, 2008

22,987

18,130

96

1,002

765

42,980

August 29, 2008

22,305

18,450

91

1,010

738

42,594

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


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