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Archived - Revised - Official International Reserves - January 5, 2017

News Release

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$412 million during December to US$82,718 million.

Details on the level and composition of Canada's reserves as of December 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 64,010
Deposits 8,939
Total securities and deposits (liquid reserves): 72,949
Gold 0
Special drawing rights (SDRs) 7,578
Reserve position in the IMF 2,191
Total:  
  December 30, 2016 82,718
  November 30, 2016 83,130
Net change: -412
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 8,939
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0
Total: 8,939
Details of Net Change
  Millions of US dollars
Reserves management operations1 -204
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments2 81
  Foreign currency debt charges -75
  Revaluation effects3 -213
Net government operations4 -1
Official intervention 0
Other transactions 0
Net change: -412
Currency Composition of Deposits and Securities
  Millions of US dollars
US dollars 52,496
Euro 14,392
Pound sterling 5,506
Yen 555
Total: 72,949
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 securities5:        
  Principal -630 -4,380 -4,162 -9,172
  Interest -123 -219 -781 -1,124
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: -753 -4,599 -4,943 -10,295
Additional Information (Nominal Value)
  Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements6 -235
Securities held under repurchase agreements7 8,253
Financial derivatives assets (net, marked to market):  
  Forwards 74
  Swaps -5,668

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 December, Canada bills decreased by US$488.4 million to a level of outstanding bills of US$1,935 million. An equivalent of US$484.4 million in cross-currency swaps was raised while US$200 million in cross-currency swaps matured during the month.
  2. "Return on investments" comprises US$83 million of interest earned on investments and a US$2 million decrease 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 December, the revaluation effect was mainly due to the depreciation of the euro and 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
December 30, 2016 52,496 20,453 0 7,578 2,191 82,718
November 30, 2016 53,110 20,181 0 7,633 2,206 83,130
October 31, 2016 52,682 20,696 0 7,735 2,270 83,383
September 30, 2016 52,301 21,726 0 7,862 2,306 84,195
August 31, 2016 51,766 21,822 0 7,855 2,313 83,756
July 29, 2016 50,864 21,879 0 7,849 2,312 82,904
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
December 30, 2016 52,496 20,453 0 7,578 2,191 82,718
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

Future Release Dates

The next release is February 3, 2017 (covering the period of January 2017).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2015 – March 31, 2016.

For further information, media may contact:

Media Relations
Department of Finance Canada
613-369-4000


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