Ottawa, January 6, 2009
Archived - Official International Reserves
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The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$2,307 million during December to US$43,872 million.
Details on the level and composition of Canada's reserves as of December 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|
|Special drawing rights (SDRs)||991|
|Reserve position in the IMF||1,249|
|Total:||December 31, 2008||43,872|
|November 28, 2008||41,565|
|Details on Deposits|
Other central banks/Bank for
|Banks headquartered in Canada||0|
|Of which: located abroad||0|
|Banks headquartered abroad||0|
|Of which: located in Canada||0|
|Details of Net Change|
|Reserves management operations2||128|
|Gains and losses on gold sales||0|
|Net investment gains and losses|
|Return on investments3||641|
|Foreign currency debt charges||-159|
|Net government operations5||0|
|Currency Composition of Deposits and Securities|
|Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)|
Aggregate short forward
positions in foreign
Aggregate long forward
positions in foreign
|Total net drains||-1,678||-3,929||-6,765||-12,372|
|Additional Information (Nominal Value)|
Undrawn, unconditional credit lines with
banks headquartered outside Canada
|Securities lent under repurchase agreements8||0|
|Securities held under repurchase agreements9||804|
Financial derivatives assets
(net, marked to market)
1. There were no sales of gold settled in December. On
December 31, gold holdings stood at 0.1 million ounces. The
valuation is based on the December 31, 2008, London a.m. fix
of US$870 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 December, Canada bills increased by US$128 million to a level of outstanding bills of US$5,723 million.
3. "Return on investments" comprises US$105 million of interest earned on investments and a US$536-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 December, 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. Related to securities assumed by the Government of Canada, following the privatization of Petro-Canada in July 1991, and the subsequent dissolution of Petro-Canada Limited in 2001.
7. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
8. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
9. 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 February 4, 2009 (covering the period January 2009).
For further information, media may contact:
Department of Finance
For further information on the Exchange Fund Account, please consult the
Report on the Management of Canada's Official International Reserves—April 1,
2007–March 31, 2008, located at:
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|US dollars||Other currencies||Gold||SDRs||IMF position||Total|
|(millions of US dollars)|
|December 31, 2008||22,804||18,733||95||991||1,249||43,872|
|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|
|Dec. 31, 2008||22,804||18,733||95||991||1,249||43,872|
|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|