Ottawa, February 3, 2016

Official International Reserves

- All 2016 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$1,429 million during January to US$81,182 million.

Details on the level and composition of Canada’s reserves as of January 29, 2016, 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 64,829
Deposits 5,751

Total securities and deposits (liquid reserves): 70,580
Gold1 24
Special drawing rights (SDRs) 7,869
Reserve position in the IMF 2,709

Total:  
  January 29, 2016 81,182
  December 31, 2015 79,753

Net change: 1,429
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 5,751
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0

Total: 5,751
Details of Net Change
  Millions of US dollars
Reserves management operations2 1,119
Gains and losses on gold sales 1
Net investment gains and losses:  
  Return on investments3 696
  Foreign currency debt charges -118
  Revaluation effects4 -243
Net government operations5 -26
Official intervention 0
Other transactions 0

Net change: 1,429
Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 48,678
Euro 16,055
Pound sterling 5,205
Yen 642

Total: 70,580
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 -840 -1,853 -4,096 -6,790
  Interest -98 -169 -870 -1,137
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 -162 0 -162
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0

Total net drains: -939 -2,184 -4,966 -8,089
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 5,045
Financial derivatives assets (net, marked to market):  
  Forwards 12
  Swaps -8,547

NOTES:

  1. The Government of Canada sold 32,860 ounces of gold coins for settlement in January. On January 29, gold holdings stood at 21,929 ounces. The valuation is based on the January 29, 2016, London p.m. fix of US$1,111.80 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$72.6 million to a level of outstanding bills of US$2,568.7 million. An equivalent of US$1,081.9 million in cross-currency swaps was raised during the month. In addition, an equivalent of US$161.5 million in foreign exchange swaps was transacted while US$197.4 million in foreign exchange swaps matured during the month.
  3. “Return on investments” comprises US$92 million of interest earned on investments and a US$604 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 January, the revaluation effect was mainly due to the depreciation of the pound sterling.
  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 29, 2016 48,678 21,902 24 7,869 2,709 81,182
December 31, 2015 48,229 20,848 58 7,899 2,719 79,753
November 30, 2015 47,652 19,977 102 7,801 2,680 78,212
October 30, 2015 48,410 19,963 110 7,942 2,728 79,153
September 30, 2015 48,105 19,538 107 7,916 2,770 78,436
August 31, 2015 48,429 18,654 109 7,916 2,745 77,853
July 31, 2015 48,211 18,100 105 7,837 2,728 76,981
June 30, 2015 47,376 18,254 112 7,902 2,751 76,395
May 29, 2015 48,533 18,073 114 7,813 2,736 77,269
April 30, 2015 48,718 18,318 113 7,902 2,792 77,843
March 31, 2015 49,215 17,844 114 7,751 2,757 77,681
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, 2015 48,229 20,848 58 7,899 2,719 79,753
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

Future Release Dates

The next release is March 3, 2016 (covering the period of February 2016).

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:

Jack Aubry
Media Relations
Department of Finance
613-369-4000

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