Ottawa, November 3, 2011

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$1,710 million during October to US$65,428 million.

Details on the level and composition of Canada’s reserves as of October 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
  Millions of US dollars
Securities 51,407
Deposits 696

Total securities and deposits (liquid reserves): 52,103
Gold1 188
Special drawing rights (SDRs) 9,326
Reserve position in the IMF 3,811

Total:  
  October 31, 2011 65,428
  September 30, 2011 63,718

Net change: 1,710

 

Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 621
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 75
  Of which: located in Canada 0

Total: 696

 

Details of Net Change
  Millions of US dollars
Reserves management operations2 1,059
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 -242
   Foreign currency debt charges -39
   Revaluation effects4 808
Net government operations5 124
Official intervention 0
Other transactions 0

Net change: 1,710

 

Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 31,627
Euro 20,039
Yen 437

Total: 52,103

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  Millions of US dollars
  0-1 month 1-3 months 3-12 months Total
Foreign currency securities:6        
  Principal -836 -1,076 -4,478 -6,390
  Interest -66 -238 -995 -1,300
Aggregate short forward positions in foreign currencies
  vis-à-vis Canadian dollar
0 -47 0 -47
Aggregate long forward positions in foreign currencies
  vis-à-vis Canadian dollar
0 0 0 0

Total net drains: -902 -1,362 -5,473 -7,737

 

Additional Information (Nominal Value)
  Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements7 0
Securities held under repurchase agreements8 398
Financial derivatives assets (net, marked to market):  
   Forwards -60
   Swaps 4,382

Notes:

1. There were no sales of gold settled in October. On October 31, gold holdings stood at 0.1 million ounces. The valuation is based on the October 31, 2011, London p.m. fix of US$1,722 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 October, Canada bills increased by US$55.9 million to a level of outstanding bills of US$2,178.9 million. A total of US$1,003.4 million of cross-currency swaps of domestic obligations were raised.

3. “Return on investments” comprises US$114 million of interest earned on investments and a US$356-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 October, 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.

Official International Reserves (10-Year Synopsis)
  US dollars Other currencies Gold SDRs IMF position Total
  (Millions of US dollars)
October 31, 2011 31,627 20,476 188 9,326 3,811 65,428
September 30, 2011 31,625 18,973 177 9,190 3,753 63,718
August 31, 2011 31,338 19,667 198 9,471 3,819 64,493
July 29, 2011 30,832 19,027 178 9,406 3,795 63,238
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

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

Future Release Dates

The next release is December 5, 2011 (covering the period November 2011).

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.