Ottawa, October 3, 2013

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$1,464 million during September to US$71,392 million.

Details on the level and composition of Canada’s reserves as of September 30, 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 57,235
Deposits 611

Total securities and deposits (liquid reserves): 57,846
Gold1 130
Special drawing rights (SDRs) 8,641
Reserve position in the IMF 4,775

Total:  
  September 30, 2013 71,392
  August 30, 2013 69,928

Net change: 1,464
Details on Deposits
   millions of US dollars
Other central banks/Bank for International Settlements 561
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 50
  Of which: located in Canada 0

Total: 611
Details of Net Change
   millions of US dollars
Reserves management operations2 679
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments3 382
  Foreign currency debt charges -124
  Revaluation effects4 576
Net government operations5 -49
Official intervention 0
Other transactions 0

Net change: 1,464
Currency Composition of Deposits and Securities
   millions of US dollars
US dollars 39,190
Euro 18,358
Yen 298

Total: 57,846
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 -794 -769 -7,672 -9,235
  Interest -66 -155 -991 -1,212
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -100 0 -107 -207
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0

Total net drains: -960 -924 -8,770 -10,654
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 381
Financial derivatives assets (net, marked to market):  
  Forwards -131
  Swaps 993

NOTES:

  1. On behalf of the Government of Canada, the Royal Canadian Mint sold 1,632 ounces of gold coins for settlement in September. On September 30, gold holdings stood at 98,107 ounces. The valuation is based on the September 30, 2013, London p.m. fix of US$1,326.50 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 September, Canada bills decreased by US$135.9 million to a level of outstanding bills of US$2,140.3 million.  A total of US$698.3 million of cross-currency swaps of domestic obligations was raised.  In addition, an equivalent of US$116.5 million in foreign exchange swaps was transacted during the month.
  3. “Return on investments” comprises US$100 million of interest earned on investments and a US$282 million increase 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 September, 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
September 30, 2013 39,190 18,656 130 8,641 4,775 71,392
August 30, 2013 38,667 17,938 139 8,583 4,601 69,928
July 31, 2013 38,392 18,066 133 8,571 4,595 69,757
June 28, 2013 38,090 17,634 121 8,528 4,513 68,886
May 31, 2013 38,787 18,868 142 8,499 4,399 70,695
April 30, 2013 39,200 19,286 150 8,594 4,405 71,635
March 31, 2013 38,253 18,860 165 8,534 4,396 70,208
February 28, 2013 37,049 19,115 166 8,629 4,399 69,358
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

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 November 5, 2013 (covering the period October 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

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