Ottawa, February 5, 2013

Official International Reserves

- All 2013 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$344 million during January to US$68,890 million.

Details on the level and composition of Canada’s reserves as of January 31, 2013, 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 55,103
Deposits 337

Total securities and deposits (liquid reserves): 55,440
Gold1 179
Special drawing rights (SDRs) 8,779
Reserve position in the IMF 4,492

Total:  
 January 31, 2013 68,890
 December 31, 2012 68,546

Net change: 344
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 337
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0

Total: 337

 

Details of Net Change
  Millions of US dollars
Reserves management operations2 331
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments3 -435
  Foreign currency debt charges -139
  Revaluation effects4 586
Net government operations5 0
Official intervention 0
Other transactions 1

Net change: 344

 

Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 35,772
Euro 19,348
Yen     320

Total: 55,440

 

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 -831 -940 -3,095 -4,866
  Interest -65 -167 -1,015 -1,248
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 -189 0 -189
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar         0          0          0          0

Total net drains: -896 -1,296 -4,110 -6,302

 

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 315
Financial derivatives assets (net, marked to market):  
  Forwards -9
  Swaps 3,037

NOTES:

  1. On behalf of the Government of Canada, the Royal Canadian Mint sold 1,300 ounces of gold coins for settlement in January. On January 31, gold holdings stood at 107,700 ounces. The valuation is based on the January 31, 2013, London p.m. fix of US$1,664.75 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 increased by US$19.2 million to a level of outstanding bills of US$2,151.4 million. A total of US$421.8 million of cross-currency swaps of domestic obligations were raised while US$99.9 million in swaps matured. In addition, an equivalent of US$112 million in foreign exchange swaps were transacted while US$121.7 million in swaps matured during the month.
  3. “Return on investments” comprises US$103 million of interest earned on investments and a US$538-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 January, 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
January 31, 2013 35,772 19,668 179 8,779 4,492 68,890
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 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 March 5, 2013 (covering the period February 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