Release at 8:15 a.m. EDT Ottawa, October 3, 2007 2007-076
- Official International Reserves 2007 -
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$681 million during September to US$40,982 million.
Details on the level and composition of Canada's reserves as of September 30, 2007, 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
Securities
36,620
Deposits
2,609
Total securities and deposits (liquid reserves)
39,229
Gold1
81
Special drawing rights (SDRs)
1,001
Reserve position in the IMF
671
Total:
September 30, 2007
40,982
August 31, 2007
40,301
Net change
681
Details on Deposits
Other central banks/Bank for International Settlements
755
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
1,854
Of which: located in Canada
0
Total
2,609
Details of Net Change
Reserves management operations2
-245
Gains and losses on gold sales
0
Net investment gains and losses
Return on investments3
131
Foreign currency debt charges
-90
Revaluation effects4
885
Net government operations5
0
Official intervention
0
Other transactions
0
Net change
681
Currency Composition of Deposits
and Securities
US dollars
19,452
Euro
19,261
Yen
516
Total
39,229
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6
Principal
-1,543
-1,021
-4,951
-7,515
Interest
-151
-330
-1,123
-1,603
Aggregate short forward positions in foreign
currencies vis-à-vis Canadian dollar
-150
0
0
-150
Aggregate long forward positions in foreign
currencies vis-à-vis Canadian dollar
0
0
0
0
Total net drains
-1,844
-1,351
-6,074
-9,268
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
0
Securities lent under repurchase agreements7
-2,442
Securities held under repurchase agreements8
1,050
Financial derivatives assets
(net, marked to market)
Forwards
Swaps
4,632
Notes:
1. There were no sales of gold settled
in September. On September 30, gold holdings stood at 0.1 million
ounces. The valuation is based on the September 28, 2007,
London p.m. fix of US$743 per ounce.
2. 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 September, Canada bills
decreased by US$160 million to a level of outstanding bills of
US$2,023 million. A total of US$515 million of cross-currency
swaps of domestic obligations were raised while US$600 million in
swaps matured.
3. "Return on investments" comprises US$107 million of interest earned on investments and a US$24-million increase in the market value of securities resulting from changes in interest rates.
4. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In September, the revaluation effect was mainly due to the appreciation of the euro.
5. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
6. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
7. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities‑lending transactions is not included in total reserves.
8. 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 November 5, 2007 (covering the period
October 2007).
A list of upcoming release dates is posted on the Department of Finance website located at www.fin.gc.ca/invest_x /releaseDates_e.asp.
___________________________________ For further information, media may contact:
Clifton Lee-Sing
Financial Markets Division
Department of Finance
613-943-1944
David Gamble
Media Relations
Department of Finance
613-996-8080
For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International ReservesJanuary 1, 2005March 31, 2006, located at www.fin.gc.ca/toce/2006/oir06_e.html.
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance website at www.fin.gc.ca/scripts/register_e.asp.
Official International Reserves (10-Year Synopsis)
US dollars
Other currencies
Gold
SDRs
IMF position
Total
(millions of US
dollars)
September 30, 2007
19,452
19,777
81
1,001
671
40,982
August 31, 2007
19,989
18,594
73
985
660
40,301
July 31, 2007
20,067
18,494
73
984
685
40,303
June 30, 2007
19,487
18,186
71
974
695
39,413
May 31, 2007
20,088
18,271
72
972
693
40,096
April 30, 2007
19,982
18,435
74
978
714
40,183
March 31, 2007
19,548
17,991
72
976
722
39,309
February 28, 2007
16,771
17,781
72
966
720
36,310
January 31, 2007
16,679
17,379
71
954
825
35,908
December 31, 2006
15,608
17,590
69
963
833
35,063
November 30, 2006
16,423
18,152
70
965
867
36,477
October 31, 2006
16,256
17,432
66
944
945
35,643
September 30, 2006
16,755
17,166
65
941
1,090
36,017
Dec. 31, 2005
16,842
13,822
56
897
1,401
33,018
Dec. 31, 2004
14,426
15,740
48
925
3,327
34,466
Dec. 31, 2003
15,575
15,961
45
838
3,848
36,267
Dec. 31, 2002
17,946
14,739
205
712
3,567
37,169
Dec. 31, 2001
19,748
10,736
291
614
2,859
34,248
Dec. 31, 2000
21,692
7,327
323
574
2,508
32,424
Dec. 31, 1999
18,838
5,594
524
526
3,164
28,646
Dec. 31, 1998
15,907
4,004
122
1,097
2,297
23,427
Dec. 31, 1997
14,630
492
146
1,126
1,575
17,969
Dec. 31, 1996
17,521
507
155
1,168
1,227
20,578
