Official International Reserves - November 5, 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 increased by an amount equivalent to US$1,405 million during October to US$82,088 million.

Details on the level and composition of Canada's reserves as of October 31, 2018, 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 October, Canada bills increased by US$349 million to a level of outstanding bills of US$2,628 million. An equivalent of US$1,733.8 million in cross-currency swaps was raised while US$100 million in cross-currency swaps matured during the month.
  2. "Return on investments" comprises US$91 million of interest earned on investments and a US$30 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 October, 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.

Future Release Dates

The next release is December 5, 2018 (covering the period of November 2018).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada’s Official International Reserves—April 1, 2017 – March 31, 2018.

Foreign Currency Reserves
  Millions of US dollars
Securities 68,399
Deposits 3,343
Total securities and deposits (liquid reserves): 71,742
Gold 0
Special drawing rights (SDRs) 7,866
Reserve position in the IMF 2,480
Total:  
  October 31, 2018 82,088
  September 28, 2018 80,683
Net change: 1,405
Details on Deposits
  Millions of US dollars
Other central banks/Bank for International Settlements 3,343
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0
Total: 3,343
Details of Net Change
  Millions of US dollars
Reserves management operations1 1,983
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments2 121
  Foreign currency debt charges -118
  Revaluation effects3 -581
Net government operations4 0
Official intervention 0
Other transactions 0
Net change: 1,405
Currency Composition of Deposits and Securities
  Millions of US dollars
US dollar 48,930
Euro 13,683
Pound sterling 7,643
Yen 1,486
Total: 71,742
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 -2,058 -1,908 -6,720 -10,687
  Interest -111 -232 -961 -1,304
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -12 0 0 -12
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0
Total net drains: -2,181 -2,140 -7,682 -12,003
Additional Information (Nominal Value)
  Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements6 0
Securities held under repurchase agreements7 2,694
Financial derivatives assets (net, marked to market):  
  Forwards 14
  Swaps -5,857
Official International Reserves (10-Year Synopsis)
  Millions of US dollars
Date US dollars Other currencies Gold SDRs IMF position Total
October 31, 2018 48,930 22,812 0 7,866 2,480 82,088
September 28, 2018 47,752 22,682 0 7,892 2,357 80,683
August 31, 2018 48,173 22,771 0 7,926 2,368 81,238
July 31, 2018 48,232 23,268 0 7,943 2,374 81,817
June 29, 2018 47,589 23,864 0 7,913 2,399 81,765
May 31, 2018 46,821 23,970 0 7,971 2,015 80,777
April 30, 2018 47,211 24,874 0 8,090 2,046 82,221
March 31, 2018 47,477 25,568 0 8,177 2,073 83,295
February 28, 2018 50,589 25,695 0 8,134 2,068 86,486
January 31, 2018 50,615 25,889 0 8,160 2,084 86,748
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
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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