Official International Reserves

News Release

Release at 8:15 a.m. EST
Ottawa, November 5, 2008
2008-086

- Official International Reserves 2008 -

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$1,578 million during October to US$41,402 million.

Details on the level and composition of Canada's reserves as of October 31, 2008, 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		38,698
Deposits		936
Total securities and deposits (liquid reserves)		39,634

Gold¹		80
Special drawing rights (SDRs)		957
Reserve position in the IMF		731
Total:	October 31, 2008	41,402
	September 30, 2008	42,980
Net change		-1,578

Details on Deposits
Other central banks/Bank for International Settlements		686
Banks headquartered in Canada		0
Of which: located abroad		0
Banks headquartered abroad		250
Of which: located in Canada		0
Total		936

Details of Net Change
Reserves management operations²		9
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments³		199
Foreign currency debt charges		-142
Revaluation effects⁴		-1,644
Net government operations⁵		0
Official intervention		0
Other transactions		0
Net change		-1,578

Currency Composition of Deposits and Securities
US dollars			23,316
Euro			15,721
Yen			597

Total			39,634

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
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, 2008, London p.m. fix of US$731 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 increased by US$449 million to a level of outstanding bills of US$4,036 million. A total of US$100 million of cross-currency swaps of domestic obligations were raised while US$540 million in swaps matured. "Return on investments" comprises US$100 million of interest earned on investments and a US$99-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 depreciation 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.
Foreign currency securities⁶	Principal	-4,339	-1,494	-5,826	-11,659
Foreign currency securities⁶	Interest	-83	-178	-965	-1,225
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		-4,422	-1,672	-6,791	-12,885

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada				0
Securities lent under repurchase agreements⁷				-1,819
Securities held under repurchase agreements⁸				773
Financial derivatives assets (net, marked to market)
Forwards				0
Swaps				402

Future Release Dates

The next release is December 3, 2008 (covering the period November 2008).

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:

David Gamble
Media Relations Department of Finance
613-996-808

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.

To receive e-mail notification of all news releases, please register 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)
October 31, 2008	23,316	16,318	80	957	731	41,402
September 30, 2008	22,987	18,130	96	1,002	765	42,980
August 29, 2008	22,305	18,450	91	1,010	738	42,594
July 31, 2008	21,767	18,988	100	1,042	762	42,659
June 30, 2008	19,964	21,967	101	1,050	773	43,855
May 30, 2008	19,919	21,763	97	1,042	767	43,588
April 30, 2008	19,892	21,912	95	1,044	659	43,602
March 31, 2008	18,896	22,329	102	1,062	668	43,057
February 29, 2008	20,013	21,805	106	1,035	654	43,613
January 31, 2008	19,804	20,662	101	1,026	668	42,261
December 31, 2007	19,257	20,057	91	1,015	661	41,081
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

Dec. 31, 2007	19,257	20,057	91	1,015	661	41,081
Dec. 31, 2006	15,608	17,590	69	963	833	35,063
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

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