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Ottawa, December 3, 2008
2008-099

Archived - Official International Reserves

This Web page has been archived on the Web.

- 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$163 million during November to US$41,565 million.

Details on the level and composition of Canada’s reserves as of November 28, 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		38,382
Deposits		920
Total securities and deposits (liquid reserves)		39,302

Gold¹		89
Special drawing rights (SDRs)		962
Reserve position in the IMF		1,212
Total:	November 28, 2008	41,565
	October 31, 2008	41,402
Net change		163

Details on Deposits
Other central banks/Bank for International Settlements			575
Banks headquartered in Canada			0
Of which: located abroad			0
Banks headquartered abroad			345
Of which: located in Canada			0
Total			920

Details of Net Change
Reserves management operations²			-683
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			972
Foreign currency debt charges			-102
Revaluation effects⁴			-24
Net government operations⁵			0
Official intervention			0
Other transactions			0
Net change			163

Currency Composition of Deposits and Securities
US dollars				22,389
Euro				16,298
Yen				615
Total				39,302


Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁶	Principal	-1,216	-2,218	-7,289	-10,723
Foreign currency securities⁶	Interest	-157	-33	-987	-1,177
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		-1,373	-2,251	-8,276	-11,900

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada				0
Securities lent under repurchase agreements⁷				-1,356
Securities held under repurchase agreements⁸				762
Financial derivatives assets (net, marked to market)
Forwards				0
Swaps				-22

Notes:
1. There were no sales of gold settled in November. On November 28, gold holdings stood at 0.1 million ounces. The valuation is based on the November 28, 2008, London p.m. fix of US$815 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, a global bond of US$2,500 million matured. In addition, Canada bills increased by US$1,558 million to a level of outstanding bills of US$5,595 million. A total of US$258 million of cross-currency swaps of domestic obligations were raised. 3. "Return on investments" comprises US$99 million of interest earned on investments and a US$873-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 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 January 6, 2009 (covering the period December 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:

Jack Aubry
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)
November 28, 2008	22,389	16,913	89	962	1,212	41,565
October 31, 2008	23,316	16,318	80	957	731	41,402
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

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