Ottawa, January 6, 2010
2010-004

Archived - Official International Reserves

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- 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
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 pdf www.fin.gc.ca/activty/oirrep/oir09-eng.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)
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