Ottawa, January 4, 2013

Archived - REVISED - 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$324 million during December to US$68,546 million.

Details on the level and composition of Canada’s reserves as of December 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 54,379
Deposits 864

Total securities and deposits (liquid reserves): 55,243
Gold1 181
Special drawing rights (SDRs) 8,754
Reserve position in the IMF 4,368

Total:  
  December 31, 2012 68,546
  November 30, 2012 68,222

Net change: 324
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 864
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0

Total: 864

 

Details of Net Change
  Millions of US dollars
Reserves management operations2 147
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments3 25
  Foreign currency debt charges -97
  Revaluation effects4 250
Net government operations5 0
Official intervention 0
Other transactions -1

Net change: 324

 

Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 35,622
Euro 19,284
Yen      337

Total: 55,243

 

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 -1,030 -2,995 -4,909
  Interest -139 -170 -921 -1,231
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -122 -77 0 -199
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar         0          0          0          0

Total net drains: -1,144 -1,277 -3,916 -6,338

 

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 597
Financial derivatives assets (net, marked to market):  
  Forwards 0
  Swaps 3,370

NOTES:

  1. There were no sales of gold settled in December. On December 31, gold holdings stood at 0.1 million ounces. The valuation is based on the December 31, 2012, London a.m. fix of US$1,657.5 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 December, Canada bills increased by US$48.2 million to a level of outstanding bills of US$2,132.2 million. In addition, an equivalent of US$99 million in foreign exchange swaps were transacted during the month.
  3. “Return on investments” comprises US$102 million of interest earned on investments and a US$77 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 December, 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
December 31, 2012 35,622 19,621 181 8,754 4,368 68,546
November 30, 2012 35,746 19,283 188 8,722 4,283 68,222
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

December 31, 2012 35,622 19,621 181 8,754 4,368 68,546
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

Future Release Dates

The next release is February 5, 2013 (covering the period January 2013).

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