Official International Reserves - February 3, 2017

- All 2017 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$2,065 million during January to US$84,783 million.

Details on the level and composition of Canada's reserves as of January 31, 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 January, Canada bills increased by US$628.9 million to a level of outstanding bills of US$2,563.9 million. An equivalent of US$1,292 million in cross-currency swaps was raised while US$275 million in cross-currency swaps matured during the month. In addition, an equivalent of US$200 million in foreign exchange swaps was transacted during the month. A total of US$250 million in medium-term notes was issued while US$400 million in medium-term notes matured during the month.
2. "Return on investments" comprises US$84 million of interest earned on investments and a US$156 million decrease 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 January, the revaluation effect was mainly due to the appreciation 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 March 3, 2017 (covering the period of February 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.