Ottawa, June 3, 2011
2011-043

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$984 million during May to US$64,002 million.

Details on the level and composition of Canada's reserves as of May 31, 2011, 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 49,019
Deposits    1,603
Total securities and deposits (liquid reserves) 50,622
   
Gold1 167
Special drawing rights (SDRs) 9,417
Reserve position in the IMF   3,796
Total: May 31, 2011 64,002
  April 29, 2011 63,018
Net change 984

Details on Deposits
Other central banks/Bank for
 International Settlements
1,535
Banks headquartered in Canada 0
  Of which: located abroad 0  
Banks headquartered abroad 68
  Of which: located in Canada 0           
Total 1,603

Details of Net Change
Reserves management operations2 1,141
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 641
   Foreign currency debt charges -77
   Revaluation effects4 -721
Net government operations5 0
Official intervention 0
Other transactions         0
Net change 984

Currency Composition of Deposits and Securities
US dollars 30,818
Euro 19,511
Yen      293
Total 50,622

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1 month 1-3 months 3-12 months Total
Foreign currency securities6 Principal -2,155 -968 -2,309 -5,433
Interest -361 -199 -779 -1,339
Aggregate short forward
  positions in foreign     
  currencies vis-à-vis
 Canadian dollar
-137 0 0 -137
Aggregate long forward
 positions in foreign
 currencies vis-à-vis
 Canadian dollar
         0          0          0          0
Total net drains -2,653 -1,167 -3,089 -6,909

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 318    
Financial derivatives assets (net, marked to market)      
   Forwards -45    
   Swaps 5,323    

Notes:

1. There were no sales of gold settled in May. On May 31, gold holdings stood at 0.1 million ounces. The valuation is based on the May 31, 2011, London p.m. fix of US$1,536 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 May, Canada bills increased by US$214.6 million to a level of outstanding bills of US$2,177.0 million. A total of US$926.2 million of cross-currency swaps of domestic obligations were raised.

3. "Return on investments" comprises US$136 million of interest earned on investments and a US$505-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 May, 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 July 6, 2011 (covering the period June 2011).

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, 2009–March 31, 2010, located at http://www.fin.gc.ca/activty/oirrep/oir-roli-10-eng.pdf

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Official International Reserves (10-Year Synopsis)
  US dollars Other currencies Gold SDRs IMF position Total
  (millions of US dollars)
May 31, 2011 30,818 19,804 167 9,417 3,796 64,002
April 29, 2011 29,806 19,669 167 9,532 3,844 63,018
March 31, 2011 28,622 18,737 157 9,330 3,760 60,606
February 28, 2011 28,840 18,494 154 9,250 3,594 60,332
January 31, 2011 27,623 18,295 145 9,183 3,461 58,707
December 31, 2010 26,677 18,211 153 9,054 3,056 57,151
November 30, 2010 26,989 17,726 151 8,970 2,735 56,571
October 29, 2010 27,584 19,160 147 9,239 2,818 58,948
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

December 31, 2010 26,677 18,211 153 9,054 3,056 57,151
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