Ottawa, October 5, 2010
2010-091

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$1,621 million during September to US$59,546 million.

Details on the level and composition of Canada’s reserves as of September 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 46,301
Deposits    1,242
Total securities and deposits
(liquid reserves)
47,543
   
Gold1 142
Special drawing rights (SDRs) 9,147
Reserve position in the IMF    2,714
Total: September 30, 2010 59,546
  August 31, 2010 57,925
Net change 1,621

Details on Deposits
Other central banks/Bank for
   International Settlements
1,142
Banks headquartered in Canada 0
   Of which: located abroad 0  
Banks headquartered abroad 100
   Of which: located in Canada 0        
Total 1,242

Details of Net Change
Reserves management operations2 63
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 -64
   Foreign currency debt charges -119
   Revaluation effects4 1,741
Net government operations5 0
Official intervention 0
Other transactions        0
Net change 1,621

Currency Composition of Deposits and Securities
US dollars 27,871
Euro 19,424
Yen      248 
Total 47,543

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1
month
1-3
months
3-12
months
Total
Foreign currency
securities6
Principal -1,423 -895 -3,266 -5,585
Interest -75 -175 -1,037 -1,287
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 -1,498 -1,070 -4,304 -6,872

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 360    
Financial derivatives assets
(net, marked to market)
     
   Forwards -82    
   Swaps 3,388    

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, 2010, London p.m. fix of US$1,307 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$37.5 million to a level of outstanding bills of US$2,489.7 million. A total of US$178.2 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$78.2 million in foreign exchange swaps matured during the month.

3. “Return on investments” comprises US$115 million of interest earned on investments and a US$179-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 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. “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 November 3, 2010 (covering the period October 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)
September 30, 2010 27,871 19,672 142 9,147 2,714 59,546
August 31, 2010 27,796 18,492 136 8,869 2,632 57,925
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

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