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Ottawa, July 6, 2009 (revised July 7, 2009)
2009-069
Official International Reserves
- Official International Reserves 2009 -
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$208 million during June to US$44,662 million.
Details on the level and composition of Canada's reserves as of June 30, 2009, 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 | 41,048 | ||||
| Deposits | 700 | ||||
| Total securities and deposits (liquid reserves) |
41,748 | ||||
| Gold1 | 102 | ||||
| Special drawing rights (SDRs) | 1,001 | ||||
| Reserve position in the IMF | 1,811 | ||||
| Total: | June 30, 2009 | 44,662 | |||
| May 29, 2009 | 44,870 | ||||
| Net change | -208 | ||||
| Details on Deposits | |||||
| Other central banks/Bank for International Settlements |
415 | ||||
| Banks headquartered in Canada | 0 | ||||
| Of which: located abroad | 0 | ||||
| Banks headquartered abroad | 285 | ||||
| Of which: located in Canada | 0 | ||||
| Total | 700 | ||||
| Details of Net Change | |||||
| Reserves management operations2 | 194 | ||||
| Gains and losses on gold sales | 0 | ||||
| Net investment gains and losses | |||||
| Return on investments3 | 198 | ||||
| Foreign currency debt charges | -470 | ||||
| Revaluation effects4 | -130 | ||||
| Net government operations5 | 0 | ||||
| Official intervention | 0 | ||||
| Other transactions | 0 | ||||
| Net change | -208 | ||||
| Currency Composition of Deposits and Securities | |||||
| US dollars | 23,228 | ||||
| Euro | 18,225 | ||||
| Yen | 295 | ||||
| Total | 41,748 | ||||
| Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value) | |||||
|
0-1 month |
1-3 months |
3-12 months |
Total | ||
| Foreign currency securities6 |
Principal | -2,290 | -2,191 | -5,696 | -10,177 |
| Interest | -61 | -113 | -918 | -1,092 | |
| 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 | -2,351 | -2,304 | -6,614 | -11,269 | |
| Additional Information (Nominal Value) | |||||
| Undrawn, unconditional
credit lines with banks headquartered outside Canada |
0 | ||||
| Securities lent under repurchase agreements7 | 0 | ||||
| Securities held under repurchase agreements8 | 513 | ||||
| Financial derivatives assets (net, marked to market) |
|||||
| Forwards | 0 | ||||
| Swaps | -956 | ||||
| Notes: | |||||
|
1. There were no sales of gold settled in June. On June 30, gold holdings stood at 0.1 million ounces. The valuation is based on the June 30, 2009, London p.m. fix of US$935 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 June, Canada bills decreased by US$3 million to a level of outstanding bills of US$6,855 million. A total of US$1,446 million of cross-currency swaps of domestic obligations were raised while US$1,248 million in swaps matured (revised July 7, 2009). 3. "Return on investments" comprises US$99 million of interest earned on investments and a US$99-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 June, 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 August 6, 2009 (covering the period July 2009).
___________________________________
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, 2007–March 31, 2008, located at www.fin.gc.ca/activty/oirrep/oir08_e.pdf.
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| US dollars | Other currencies | Gold | SDRs | IMF position | Total | |
|---|---|---|---|---|---|---|
| (millions of US dollars) | ||||||
| June 30, 2009 | 23,228 | 18,520 | 102 | 1,001 | 1,811 | 44,662 |
| May 29, 2009 | 23,617 | 18,543 | 106 | 999 | 1,605 | 44,870 |
| April 30, 2009 | 23,080 | 16,931 | 96 | 965 | 1,552 | 42,624 |
| March 31, 2009 | 22,871 | 18,039 | 100 | 964 | 1,550 | 43,524 |
| February 27, 2009 | 23,384 | 17,471 | 104 | 946 | 1,288 | 43,193 |
| January 30, 2009 | 23,133 | 17,226 | 100 | 960 | 1,310 | 42,729 |
| 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 |
| December 31, 2008 | 22,804 | 18,733 | 95 | 991 | 1,249 | 43,872 |
| December 31, 2007 | 19,257 | 20,057 | 91 | 1,015 | 661 | 41,081 |
| December 31, 2006 | 15,608 | 17,590 | 69 | 963 | 833 | 35,063 |
| December 31, 2005 | 16,842 | 13,822 | 56 | 897 | 1,401 | 33,018 |
| December 31, 2004 | 14,426 | 15,740 | 48 | 925 | 3,327 | 34,466 |
| December 31, 2003 | 15,575 | 15,961 | 45 | 838 | 3,848 | 36,267 |
| December 31, 2002 | 17,946 | 14,739 | 205 | 712 | 3,567 | 37,169 |
| December 31, 2001 | 19,748 | 10,736 | 291 | 614 | 2,859 | 34,248 |
| December 31, 2000 | 21,692 | 7,327 | 323 | 574 | 2,508 | 32,424 |
| December 31, 1999 | 18,838 | 5,594 | 524 | 526 | 3,164 | 28,646 |
| December 31, 1998 | 15,907 | 4,004 | 122 | 1,097 | 2,297 | 23,427 |
