Ottawa, August 5, 2010
2010-070

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 increased by an amount equivalent to US$1,918 million during July to US$57,311 million.

Details on the level and composition of Canada’s reserves as of July 30, 2010, 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 45,327
Deposits       284
Total securities and deposits
(liquid reserves)
45,611
   
Gold1 127
Special drawing rights (SDRs) 8,925
Reserve position in the IMF    2,648
Total: July 30, 2010 57,311
 

June 30, 2010

 55,393
Net change 1,918

Details on Deposits
Other central banks/Bank for
   International Settlements
284
Banks headquartered in Canada 0
   Of which: located abroad 0  
Banks headquartered abroad 0
   Of which: located in Canada 0        
Total 284

Details of Net Change
Reserves management operations2 306
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 286
   Foreign currency debt charges -102
   Revaluation effects4 1,428
Net government operations5 0
Official intervention 0
Other transactions      0
Net change 1,918

Currency Composition of Deposits and Securities
US dollars 27,072
Euro 18,300
Yen       239
Total 45,611

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1
month
1-3
months
3-12
months
Total
Foreign currency
securities6
Principal -646 -1,574 -2,549 -4,769
Interest -52 -192 -1,018 -1,262
Aggregate short forward
   positions in foreign
   currencies vis-à-vis
   Canadian dollar
-195 -78 0 -273
Aggregate long forward
   positions in foreign
   currencies vis-à-vis
   Canadian dollar
         0          0          0          0
Total net drains -892 -1,844 -3,567 -6,304

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 229    
Financial derivatives assets
(net, marked to market)
     
   Forwards -35    
   Swaps 3,738    

Notes:

1. There were no sales of gold settled in July. On July 30, gold holdings stood at 0.1 million ounces. The valuation is based on the July 30, 2010, London p.m. fix of US$1,169 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 July, Canada bills decreased by US$255 million to a level of outstanding bills of US$2,263 million. A total of US$500 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$61 million in foreign exchange swaps was transacted during the month.

3. “Return on investments” comprises US$112 million of interest earned on investments and a US$174-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 July, 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. “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 September 3, 2010 (covering the period August 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)
July 30, 2010 27,072 18,539 127 8,925 2,648 57,311
June 30, 2010 26,572 17,473 136 8,692 2,520 55,393
May 31, 2010 25,752 18,984 132 8,664 2,495 56,027
April 30, 2010 25,239 20,200 129 8,880 2,395 56,843
March 31, 2010 24,800 20,400 122 8,925 2,422 56,669
February 26, 2010 24,923 20,922 121 9,006 2,370 57,342
January 29, 2010 24,234 21,090 118 9,132 2,403 56,977
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

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