Release at 8:15 a.m. EST Ottawa, December 5, 2007 2007-094- Official
International Reserves 2007 -
The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$55 million during November to US$40,852 million.
Details on the level and composition of Canada’s reserves as of November 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
36,621
Deposits
2,439
Total securities and deposits
(liquid reserves)
39,060
Gold1
85
Special drawing rights (SDRs)
1,022
Reserve position in the IMF
685
Total:
November 30, 2007
40,852
October 31, 2007
40,797
Net change
55
Details on Deposits
Other central banks/Bank for
International Settlements
531
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered
abroad
1,908
Of which: located in
Canada
0
Total
2,439 Details of Net Change Reserves management operations2 -484
Gains and losses on gold
sales
0
Net investment gains and
losses
Return on investments3
406
Foreign currency debt
charges
-92
Revaluation effects4
225
Net government
operations5
0
Official intervention
0
Other transactions
0
Net change
55
Currency Composition
of Deposits and Securities
US dollars
18,914
Euro
19,613
Yen
533
Total
39,060
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6
Principal
-590
-852
-8,028
-9,470
Interest
-245
-12
-1,345
-1,603
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
-835
-864
-9,374
-11,073
Additional Information
(Nominal Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
0
Securities lent under repurchase
agreements7
-2,365
Securities held under repurchase
agreements8
1,104
Financial derivatives
assets (net, marked to market)
Forwards
0
Swaps
4,077
Notes:
There were no sales of gold settled in November. On November 30,
gold holdings stood at 0.1 million ounces. The valuation is based on
the November 30, 2007, London p.m. fix of US$784 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 November, Canada bills decreased
by US$454 million to a level of outstanding bills of US$1,428 million.
A European Medium-Term Note of US$30 million matured and an interest
rate swap of US$25 million matured.
“Return on investments” comprises US$120 million of interest earned
on investments and a US$286-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
November, 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 January 4, 2008 (covering the period December 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-SingFinancial Markets Division
Department of Finance613-943-1944
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 Reserves—April 1, 2006–March 31, 2007, located at www.fin.gc.ca/toce/2007/oir07_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)
November 30, 2007
18,914
20,146
85
1,022
685
40,852
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
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
