Department of Finance Canada
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Ottawa, June 5, 2012
Archived - Official International Reserves
This Web page has been archived on the Web.
- All 2012 Official International Reserves -
The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$845 million during May to US$68,699 million.
Details on the level and composition of Canada’s reserves as of May 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.
| Millions of US dollars | |
|---|---|
| Securities | 53,054 |
| Deposits | 2,843 |
| Total securities and deposits (liquid reserves): | 55,897 |
| Gold1 | 170 |
| Special drawing rights (SDRs) | 8,581 |
| Reserve position in the IMF | 4,051 |
| Total: | |
| May 31, 2012 | 68,699 |
| April 30, 2012 | 69,544 |
| Net change: | -845 |
| Millions of US dollars | |
|---|---|
| Other central banks/Bank for International Settlements | 2,843 |
| Banks headquartered in Canada | 0 |
| Of which: located abroad | 0 |
| Banks headquartered abroad | 0 |
| Of which: located in Canada | 0 |
| Total: | 2,843 |
| Millions of US dollars | |
|---|---|
| Reserves management operations2 | 427 |
| Gains and losses on gold sales | 0 |
| Net investment gains and losses: | |
| Return on investments3 | 706 |
| Foreign currency debt charges | -81 |
| Revaluation effects4 | -1,659 |
| Net government operations5 | -238 |
| Official intervention | 0 |
| Other transactions | 0 |
| Net change: | -845 |
| Millions of US dollars | |
|---|---|
| US dollars | 36,397 |
| Euro | 19,127 |
| Yen | 373 |
| Total: | 55,897 |
| Millions of US dollars | ||||
|---|---|---|---|---|
| 0-1 month | 1-3 months | 3-12 months | Total | |
| Foreign currency securities6: | ||||
| Principal | -3,325 | -841 | -1,530 | -5,697 |
| Interest | -299 | -196 | -788 | -1,284 |
| Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar |
0 | -60 | 0 | -60 |
| Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar |
0 | 0 | 0 | 0 |
| Total net drains: | -3,625 | -1,098 | -2,319 | -7,041 |
| 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 | 329 |
| Financial derivatives assets (net, marked to market): | |
| Forwards | 74 |
| Swaps | 3,518 |
Notes:
- 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, 2012, London p.m. fix of US$1,558 per ounce.
- 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$326.7 million to a level of outstanding bills of US$2,383.7 million. A total of US$536.6 million of cross-currency swaps of domestic obligations were raised while US$252 million in swaps matured. In addition, an equivalent of US$184.6 million in foreign exchange swaps matured during the month.
- “Return on investments” comprises US$108 million of interest earned on investments and a US$598-million increase in the market value of securities resulting from changes in interest rates.
- “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.
- “Net government operations” are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
- “Foreign currency securities” include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
- “Securities lent under repurchase agreements” are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
- Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
| Date | US dollars | Other currencies | Gold | SDRs | IMF position | Total |
|---|---|---|---|---|---|---|
| (Millions of US dollars) | ||||||
| May 31, 2012 | 36,397 | 19,500 | 170 | 8,581 | 4,051 | 68,699 |
| April 30, 2012 | 35,689 | 20,468 | 180 | 9,048 | 4,159 | 69,544 |
| March 31, 2012 | 35,399 | 20,633 | 181 | 9,043 | 4,094 | 69,350 |
| February 29, 2012 | 35,806 | 20,618 | 193 | 9,083 | 4,095 | 69,795 |
| 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 |
| 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 July 5, 2012 (covering the period June 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
