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Archived - Official International Reserves: 2016-07

Ottawa, July 6, 2016

- All 2016 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$777 million during June to US$83,521 million.

Details on the level and composition of Canada’s reserves as of June 30, 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 67,956
Deposits 5,347
Total securities and deposits (liquid reserves): 73,303
Gold1 0
Special drawing rights (SDRs) 7,897
Reserve position in the IMF 2,321
Total:
June 30, 2016 83,521
May 31, 2016 84,298
Net change: -777

Details on Deposits

Millions of US dollars
Other central banks/Bank for International Settlements 5,347
Banks headquartered in Canada 0
Of which: located abroad 0
Banks headquartered abroad 0
Of which: located in Canada 0
Total: 5,347

Details of Net Change

Millions of US dollars
Reserves management operations2 -857
Gains and losses on gold sales 0
Net investment gains and losses:
Return on investments3 725
Foreign currency debt charges -128
Revaluation effects4 -517
Net government operations5 0
Official intervention 0
Other transactions 0
Net change: -777

Currency Composition of Deposits and Securities

Millions of US dollars
US dollars 51,116
Euro 15,706
Pound sterling 5,852
Yen 629
Total: 73,303

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 -1,592 -1,938 -6,977 -10,507
Interest -90 -232 -782 -1,104
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0
Total net drains: -1,682 -2,170 -7,759 -11,611

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 5,220
Financial derivatives assets (net, marked to market):
Forwards -3
Swaps -4,721

NOTES:

  1. 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 June, Canada bills increased by US$150.6 million to a level of outstanding bills of US$3,125.2 million. An equivalent of US$850.0 million in cross-currency swaps was raised while US$1,857.6 million in cross-currency swaps matured during the month.
  2. “Return on investments” comprises US$90 million of interest earned on investments and a US$635 million increase in the market value of securities resulting from changes in interest rates.
  3. “Revaluation effects” reflect changes in the market value of reserve assets resulting from movements in exchange rates. In June, the revaluation effect was mainly due to the depreciation of the pound sterling.
  4. “Net government operations” are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
  5. “Foreign currency securities” include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
  6. “Securities lent under repurchase agreements” are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
  7. 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
June 30, 2016 51,116 22,187 0 7,897 2,321 83,521
May 31, 2016 50,214 23,746 0 7,990 2,348 84,298
April 29, 2016 49,816 23,654 0 8,080 2,372 83,922
March 31, 2016 48,501 23,301 0 8,032 2,358 82,192
February 29, 2016 48,617 22,472 0 7,874 2,327 81,290
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
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

The next release is August 4, 2016 (covering the period of July 2016).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2014 – March 31, 2015.

Paul Duchesne
Media Relations
Department of Finance Canada
613-369-4000

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