Ottawa, November 5, 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 decreased by an amount equivalent to US$88 million during October to US$68,053 million.

Details on the level and composition of Canada’s reserves as of October 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 53,964
Deposits 837

Total securities and deposits (liquid reserves): 54,801
Gold1 187
Special drawing rights (SDRs) 8,754
Reserve position in the IMF 4,311

Total:  
  October 31, 2012 68,053
  September 28, 2012 68,141

Net change: -88
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 757
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 80
  Of which: located in Canada 0

Total: 837

 

Details of Net Change
  Millions of US dollars
Reserves management operations2 -153
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments3 -10
  Foreign currency debt charges -57
  Revaluation effects4 132
Net government operations5 0
Official intervention 0
Other transactions 0

Net change: -88

 

Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 35,619
Euro 18,816
Yen      366

Total: 54,801

 

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 securities6:        
  Principal -883 -824 -3,161 -4,868
  Interest -77 -232 -928 -1,237
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 -100 0 -100
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar         0          0          0          0

Total net drains: -960 -1,156 -4,089 -6,205

 

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 410
Financial derivatives assets (net, marked to market):  
  Forwards -3
  Swaps 3,843

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, 2012, London p.m. fix of US$1,719 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 decreased by US$153.2 million to a level of outstanding bills of US$2,062.3 million. In addition, an equivalent of US$7.2 million in foreign exchange swaps were transacted while US$7.2 million in swaps matured during the month.
  3. “Return on investments” comprises US$105 million of interest earned on investments and a US$115-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)
  Millions of US dollars
 
Date US dollars Other currencies Gold SDRs IMF position Total
October 31, 2012 35,619 19,182 187 8,754 4,311 68,053
September 28, 2012 35,851 19,017 194 8,764 4,315 68,141
August 31, 2012 35,524 18,662 180 8,649 4,167 67,182
July 31, 2012 35,169 18,275 177 8,570 4,130 66,321
June 29, 2012 34,784 18,489 174 8,623 4,148 66,218
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

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 December 5, 2012 (covering the period November 2012).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada’s Official International Reserves—April 1, 2011 – March 31, 2012.

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For further information, media may contact:

Jack Aubry
Media Relations
Department of Finance
613-996-8080