Ottawa, March 4, 2015

Archived - Official International Reserves

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- All 2015 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$69 million during February to US$74,768 million.

Details on the level and composition of Canada’s reserves as of February 27, 2015, 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 62,888
Deposits 662

Total securities and deposits (liquid reserves): 63,550
Gold1 116
Special drawing rights (SDRs) 7,927
Reserve position in the IMF 3,175

Total:  
  February 27, 2015 74,768
  January 30, 2015 74,837

Net change: -69
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 462
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 200
  Of which: located in Canada 0

Total: 662
Details of Net Change
  Millions of US dollars
Reserves management operations2 419
Gains and losses on gold sales 0
Net investment gains and losses:
  Return on investments3 -254
  Foreign currency debt charges -93
  Revaluation effects4 -138
Net government operations5 -4
Official intervention 0
Other transactions 1

Net change: -69
Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 45,039
Euro 15,823
Pound sterling 2,043
Yen 645

Total: 63,550
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 -913 -1,257 -4,303 -6,472
  Interest -62 -146 -862 -1,070
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -182 0 0 -182
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0

Total net drains: -1,156 -1,403 -5,165 -7,724
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 506
Financial derivatives assets (net, marked to market):  
  Forwards 50
  Swaps -4,197

NOTES:

  1. There were no sales of gold settled in February. On February 27, gold holdings stood at 95,895 ounces. The valuation is based on the February 27, 2015, London p.m. fix of US$1,214 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 February, Canada bills decreased by US$151.6 million to a level of outstanding bills of US$2,961.3 million and a total of US$570.3 million of cross-currency swaps of domestic obligations was raised.
  3. “Return on investments” comprises US$87 million of interest earned on investments and a US$341-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 February, the revaluation effect was mainly due to the depreciation 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
February 27, 2015 45,039 18,511 116 7,927 3,175 74,768
January 30, 2015 44,915 18,413 121 7,944 3,444 74,837
December 31, 2014 43,756 19,000 116 8,164 3,664 74,700
November 28, 2014 42,533 19,029 113 8,251 4,185 74,111
October 31, 2014 42,299 18,946 112 8,330 4,225 73,912
September 30, 2014 41,830 19,089 117 8,354 4,297 73,687
August 29, 2014 43,755 18,652 123 8,557 4,527 75,614
July 31, 2014 43,148 19,002 123 8,628 4,565 75,466
June 30, 2014 43,063 19,347 126 8,710 4,628 75,874
May 30, 2014 44,645 19,875 120 8,680 4,565 77,885
April 30, 2014 43,711 20,107 124 8,730 4,623 77,295
March 31, 2014 43,452 19,554 124 8,709 4,611 76,450
February 28, 2014 44,297 19,424 127 8,718 4,603 77,169

December 31, 2014 43,756 19,000 116 8,164 3,664 74,700
December 31, 2013 39,514 18,916 115 8,675 4,717 71,937
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

Future Release Dates

The next release is April 7, 2015 (covering the period of March 2015).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2013 – March 31, 2014.

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For further information, media may contact:

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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