Ottawa, October 5, 2009
2009-094

Archived - Official International Reserves

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

- 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$4,591 million during September to US$58,162 million.

Details on the level and composition of Canada's reserves as of September 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 44,678
Deposits   1,649
Total securities and deposits
(liquid reserves)
46,327
   
Gold1 109
Special drawing rights (SDRs) 9,276
Reserve position in the IMF   2,450
Total: September 30, 2009 58,162
  August 31, 2009 53,571
Net change 4,591

Details on Deposits
Other central banks/Bank for
   International Settlements
1,649
Banks headquartered in Canada 0
   Of which: located abroad 0  
Banks headquartered abroad 0
   Of which: located in Canada 0       
Total 1,649

Details of Net Change
Reserves management operations2 3,131
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 243
   Foreign currency debt charges -96
   Revaluation effects4 541
Net government operations5 0
Official intervention 0
Other transactions6     772
Net change 4,591

Currency Composition of Deposits and Securities
US dollars 25,942
Euro 20,067
Yen      318
Total 46,327

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1
month
1-3
months
3-12
months
Total
Foreign currency
securities7
Principal -2,739 -1,521 -3,316 -7,576
Interest -129 -156 -987 -1,272
Aggregate short forward
   positions in foreign
   currencies vis-à-vis
   Canadian dollar
-201 -396 0 -597
Aggregate long forward
   positions in foreign
   currencies vis-à-vis
   Canadian dollar
         0          0          0          0
Total net drains -3,069 -2,072 -4,303 -9,444

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with
   banks headquartered outside Canada
0    
Securities lent under repurchase agreements8 0    
Securities held under repurchase agreements9 202    
Financial derivatives assets
(net, marked to market)
     
   Forwards 0    
   Swaps 1,097    

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, 2009, London p.m. fix of US$996 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 decreased by US$801 million to a level of outstanding bills of US$4,725 million and Canada issued a 5-year US$3 billion global bond. A total of US$600 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$332 million in FX swaps was transacted during September.

3. "Return on investments" comprises US$108 million of interest earned on investments and a US$135-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 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. "Other transactions" includes the distribution of SDRs allocated to Canada by the IMF.

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 November 4, 2009 (covering the period October 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 pdf www.fin.gc.ca/activty/oirrep/oir08_e.pdf



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, 2009 25,942 20,385 109 9,276 2,450 58,162
August 31, 2009 23,076 19,893 104 8,405 2,093 53,571
July 31, 2009 23,335 18,963 102 1,002 2,012 45,414
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

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