Release at 8:15 a.m. EST Ottawa, November 5, 2007 2007-085
- Official International Reserves 2007 -
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$185 million during October to US$40,797 million.
Details on the level and composition of Canada's reserves as of October 31, 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
36,636
Deposits
2,388
Total securities and deposits (liquid reserves)
39,024
Gold1
86
Special drawing rights (SDRs)
1,010
Reserve position in the IMF
677
Total:
October 31, 2007
40,797
September 30, 2007
40,982
Net change
-185
Details on Deposits
Other central banks/Bank for
International Settlements
598
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
1,790
Of which: located in Canada
0
Total
2,388
Details of Net Change
Reserves management operations2
-582
Gains and losses on gold sales
0
Net investment gains and losses
Return on investments3
240
Foreign currency debt charges
-157
Revaluation effects4
314
Net government operations5
0
Official intervention
0
Other transactions
0
Net change
-185
Currency Composition of Deposits and Securities
US dollars
19,218
Euro
19,292
Yen
514
Total
39,024
Predetermined Short-Term Drains on Foreign Currency
Reserves (Nominal Value)
0-1 month 1-3
months
3-12 months Total
Foreign currency securities6
Principal
-850
-1,012
-5,551
-7,412
Interest
-84
-249
-1,267
-1,600
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
-934
-1,260
-6,818
-9,012
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside
Canada
0
Securities lent under repurchase agreements7
-2,663
Securities held under repurchase agreements8
981
Financial derivatives assets (net, market to market)
Forwards
0
Swaps
6,006
Notes:
There were no sales of gold settled in October. On October 31,
gold holdings stood at 0.1 million ounces. The valuation is
based on the October 31, 2007, London p.m. fix of US$790 per
ounce.
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 decreased by US$141 million to a level of
outstanding bills of US$1,882 million. A total of US$276
million of cross-currency swaps of domestic obligations were
raised while US$718 million in swaps matured. In addition, a
global bond of US$319 million matured.
"Return on investments" comprises US$116 million of
interest earned on investments and a US$124-million increase in
the market value of securities resulting from changes in
interest rates.
"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
appreciation of the euro.
"Net government operations" are the net purchases of
foreign currency for government foreign exchange requirements
and for additions to reserves.
"Foreign currency securities" include maturities of
foreign currency debt, cross-currency swap payments and an
estimate of interest payments on foreign currency liabilities.
"Securities lent under repurchase agreements" are included
in total reserves. Collateral provided in
securities‑lending transactions is not included in total
reserves.
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, 2007 (covering the period November 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 http://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)
October 31, 2007
19,218
19,806
86
1,010
677
40,797
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
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
