Ottawa, July 6, 2011
2011-055

Archived - Official International Reserves

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

- 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$1,514 million during June to US$62,488 million.

Details on the level and composition of Canada’s reserves as of June 30, 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 48,734
Deposits     377
Total securities and deposits (liquid reserves) 49,111
   
Gold1 164
Special drawing rights (SDRs) 9,415
Reserve position in the IMF 3,798
Total: June 30, 2011 62,488
  May 31, 2011 64,002
Net change -1,514

Details on Deposits
Other central banks/Bank for
 International Settlements
  297
Banks headquartered in Canada   0
  Of which: located abroad 0  
Banks headquartered abroad   80
  Of which: located in Canada 0           
Total   377

Details of Net Change
Reserves management operations2 -1,271
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 -13
   Foreign currency debt charges -359
   Revaluation effects4 130
Net government operations5 0
Official intervention 0
Other transactions        -1
Net change -1,514

Currency Composition of Deposits and Securities
US dollars 30,133
Euro 18,680
Yen      298
Total 49,111

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1 month 1-3 months 3-12 months Total
Foreign currency securities6 Principal -651 -1,646 -4,788 -7,085
Interest -119 -210 -978 -1,307
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 -770 -1,856 -5,766 -8,392

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 328    
Financial derivatives assets (net, marked to market)      
   Forwards -51    
   Swaps 5,019    

Notes:

1. There were no sales of gold settled in June. On June 30, gold holdings stood at 0.1 million ounces. The valuation is based on the June 30, 2011, London p.m. fix of US$1,506 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 June, Canada bills increased by US$71.8 million to a level of outstanding bills of US$2,248.8 million. A total of US$290.0 million of cross-currency swaps of domestic obligations were raised while US$1,495.7 million in swaps matured. In addition, an equivalent of US$2.8 million in foreign exchange swaps were transacted while US$140.0 million in swaps matured during the month.

3.  “Return on investments” comprises US$118 million of interest earned on investments and a US$131 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 June, 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 August 4, 2011 (covering the period July 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

To access the Portable Document Format (PDF) version you must have a PDF reader installed. If you do not already have such a reader, there are numerous PDF readers available for free download or for purchase on the Internet.

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)
June 30, 2011 30,133 18,978 164 9,415 3,798 62,488
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

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