Official International Reserves - January 4, 2018

From: Department of Finance Canada

News Release

 All 2018 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$180 million during December to US$86,625 million.

Details on the level and composition of Canada's reserves as of December 29, 2017, 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.

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$323.4 million to a level of outstanding bills of US$2,080.6 million. An equivalent of US$50 million in cross-currency swaps matured during the month. In addition, an equivalent of US$529.1 million in foreign exchange swaps was transacted while US$536.6 million in foreign exchange swaps matured during the month.
  2. "Return on investments" comprises US$87 million of interest earned on investments and a US$15 million increase in the market value of securities.
  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 appreciation of the euro.
  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.

Future Release Dates

The next release is February 5, 2018 (covering the period of January 2018).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada’s Official International Reserves—April 1, 2016 – March 31, 2017. 

Foreign Currency Reserves
  Millions of US dollars
Securities 68,753
Deposits 7,898
Total securities and deposits (liquid reserves): 76,651
Gold 0
Special drawing rights (SDRs) 7,975
Reserve position in the IMF 1,999
Total:  
  December 29, 2017 86,625
  November 30, 2017 86,805
Net change: -180
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 7,898
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0
Total: 7,898
Details of Net Change
  Millions of US dollars
Reserves management operations1 -381
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments2 102
  Foreign currency debt charges -68
  Revaluation effects3 152
Net government operations4 15
Official intervention 0
Other transactions 0
Net change: -180
Currency Composition of Deposits and Securities
  Millions of US dollars
US dollar 51,343
Euro 16,146
Pound sterling 8,168
Yen 994
Total: 76,651
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 -967 -4,878 -5,585 -11,429
  Interest -138 -218 -830 -1,186
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 -540 0 -540
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0
Total net drains: -1,105 -5,635 -6,415 -13,155
Additional Information (Nominal Value)
  Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements6 -199
Securities held under repurchase agreements7 6,717
Financial derivatives assets (net, marked to market):  
  Forwards -7
  Swaps -4,820
Official International Reserves (10-Year Synopsis)
  Millions of US dollars
Date US dollars Other currencies Gold SDRs IMF position Total
December 29, 2017 51,343 25,308 0 7,975 1,999 86,625
November 30, 2017 51,583 25,174 0 7,911 2,137 86,805
October 31, 2017 48,714 24,701 0 7,851 2,121 83,387
September 29, 2017 49,287 24,975 0 7,900 2,177 84,339
August 31, 2017 49,794 25,231 0 7,901 2,177 85,103
July 31, 2017 49,506 25,362 0 7,867 2,213 84,948
June 30, 2017 49,644 24,990 0 7,791 2,201 84,626
May 31, 2017 50,478 25,098 0 7,801 2,212 85,589
April 28, 2017 50,377 24,412 0 7,729 2,192 84,710
March 31, 2017 49,040 23,691 0 7,654 2,169 82,554
February 28, 2017 49,879 22,415 0 7,633 2,164 82,091
January 31, 2017 53,257 21,670 0 7,660 2,196 84,783
December 30, 2016 52,496 20,453 0 7,578 2,191 82,718
December 29, 2017 51,343 25,308 0 7,975 1,999 86,625
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

Contacts

For further information, media may contact:

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

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