Skip to content | Skip to institutional links

Common menu bar links

Institutional links

Ottawa, January 6, 2010
2010-004

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This Web page has been archived on the Web.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 decreased by an amount equivalent to US$2,064 million during December to US$54,357 million.

Details on the level and composition of Canada's reserves as of December 31, 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		41,968
Deposits		634
Total securities and deposits (liquid reserves)		42,602

Gold¹		119
Special drawing rights (SDRs)		9,212
Reserve position in the IMF		2,424
Total:	December 31, 2009	54,357
	November 30, 2009	56,420
Net change		-2,064

Details on Deposits
Other central banks/Bank for International Settlements			634
Banks headquartered in Canada			0
Of which: located abroad			0
Banks headquartered abroad			0
Of which: located in Canada			0
Total			634

Details of Net Change
Reserves management operations²			-141
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			-583
Foreign currency debt charges			-101
Revaluation effects⁴			-1,239
Net government operations⁵			0
Official intervention			0
Other transactions			0
Net change			-2,064

Currency Composition of Deposits and Securities
US dollars				23,879
Euro				18,416
Yen				307
Total				42,602

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁶	Principal	-1,287	-2,052	-2,411	-5,750
Foreign currency securities⁶	Interest	-37	-130	-1,044	-1,211
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-33	-0	0	-33
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-1,357	-2,182	-3,455	-6,995

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			433
Financial derivatives assets (net, marked to market)
Forwards			0
Swaps			1,882

Notes:
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, 2009, London a.m. fix of US$1,088 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 decreased by US$140.5 million to a level of outstanding bills of US$3,152 million. A total of US$331.5 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$332.0 million in FX swaps matured in December. 3. "Return on investments" comprises US$111 million of interest earned on investments and a US$694-million decrease 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 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 February 3, 2010 (covering the period January 2010).

___________________________________
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, 2008–March 31, 2009, located at www.fin.gc.ca/activty/oirrep/oir09-eng.pdf

Note: to read the PDF version you need Adobe Acrobat Reader on your system. If the Adobe download site is not accessible to you, you can download Acrobat Reader from an accessible page at: http://www.adobe.com/products/acrobat/alternate.html. If you choose not to use Acrobat Reader you can have the PDF file converted to HTML or ASCII text by using one of the conversion services offered by Adobe at http://www.adobe.com/products/acrobat/access_onlinetools.html.
To view the RTF version, use the document conversion features available in most modern word processing software, or use a file viewer capable of reading RTF.

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)
December 31, 2009	23,879	18,723	119	9,212	2,424	54,357
November 30, 2009	24,600	19,741	128	9,461	2,490	56,420
October 31, 2009	25,119	19,204	113	9,341	2,459	56,236
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

December 31, 2009	23,879	18,723	119	9,212	2,424	54,357
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