Ottawa, February 3, 2012

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$557 million during January to US$66,376 million.

Details on the level and composition of Canada’s reserves as of January 31, 2012, 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 52,569
Deposits 649

Total securities and deposits (liquid reserves): 53,218
Gold1 190
Special drawing rights (SDRs) 9,053
Reserve position in the IMF 3,915

Total:  
  January 31, 2012 66,376
  December 30, 2011 65,819

Net change: 557

 

Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 555
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 94
  Of which: located in Canada 0

Total: 649

 

Details of Net Change
  Millions of US dollars
Reserves management operations2 -210
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 388
   Foreign currency debt charges4 64
   Revaluation effects5 320
Net government operations6 -6
Official intervention 0
Other transactions 1

Net change: 557

 

Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 33,048
Euro 19,721
Yen      449

Total: 53,218

 

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:7        
  Principal -746 -1,476 -4,190 -6,411
  Interest -53 -172 -1,063 -1,288
Aggregate short forward positions in foreign currencies
 vis-à-vis Canadian dollar
-67 -119 0 -187
Aggregate long forward positions in foreign currencies
 vis-à-vis Canadian dollar
0 0 0 0

Total net drains: -866 -1,767 -5,253 -7,886

 

Additional Information (Nominal Value)
  Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements8 0
Securities held under repurchase agreements9 422
Financial derivatives assets (net, marked to market):  
   Forwards -36
   Swaps 4,671

Notes:

  1. There were no sales of gold settled in January. On January 31, gold holdings stood at 0.1 million ounces. The valuation is based on the January 31, 2012, London p.m. fix of US$1,744 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 January, Canada bills decreased by US$210.0 million to a level of outstanding bills of US$2,263.0 million. A total of US$47.2 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$47.2 million in foreign exchange swaps matured during the month.
  3. “Return on investments” comprises US$113 million of interest earned on investments and a US$275-million increase in the market value of securities resulting from changes in interest rates.
  4. “Foreign currency debt charges” includes US$135.5 million of interest payments and the receipt of a US$198.9-million pre-payment of a US-dollar loan made by Canada to the World Bank/International Finance Corporation.
  5. “Revaluation effects” reflect changes in the market value of reserve assets resulting from movements in exchange rates. In January, the revaluation effect was mainly due to the appreciation of the euro.
  6. “Net government operations” are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
  7. “Foreign currency securities” include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
  8. “Securities lent under repurchase agreements” are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
  9. 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)
Date US dollars Other currencies Gold SDRs IMF position Total
  (Millions of US dollars)
January 31, 2012 33,048 20,170 190 9,053 3,915 66,376
December 30, 2011 32,826 19,985 167 8,966 3,875 65,819
November 30, 2011 32,527 20,166 190 9,061 3,796 65,740
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 30, 2011 32,826 19,985 167 8,966 3,875 65,819
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

Future Release Dates

The next release is March 5, 2012 (covering the period February 2012).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2010–March 31, 2011.

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For further information, media may contact:

Jack Aubry
Media Relations
Department of Finance
613-996-8080
www.fin.gc.ca