Official International Reserves

News Release

- Official International Reserves 2009 -

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$464 million during February to US$43,193 million.

Details on the level and composition of Canada's reserves as of February 27, 2009, 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		40,119
Deposits		736
Total securities and deposits (liquid reserves)		40,855

Gold¹		104
Special drawing rights (SDRs)		946
Reserve position in the IMF		1,288
Total:	February 27, 2009	43,193
	January 30, 2009	42,729
Net change		464

Details on Deposits
Other central banks/Bank for International Settlements			686
Banks headquartered in Canada			0
Of which: located abroad			0
Banks headquartered abroad			50
Of which: located in Canada			0
Total			736

Details of Net Change
Reserves management operations²			678
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			52
Foreign currency debt charges			-19
Revaluation effects⁴			-247
Net government operations⁵			0
Official intervention			0
Net change			464

Currency Composition of Deposits and Securities
US dollars				23,384
Euro				16,868
Yen				603
Total				40,855

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
1. There were no sales of gold settled in February. On February 27, gold holdings stood at 0.1 million ounces. The valuation is based on the February 27, 2009, London p.m. fix of US$952 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 February, Canada bills increased by US$358 million to a level of outstanding bills of US$6,775 million. A total of EUR 320 million of cross-currency swaps of domestic obligations were raised. 3. "Return on investments" comprises US$89 million of interest earned on investments and a US$37-million decrease 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. During February, the revaluation effect was mainly due to the depreciation 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.
Foreign currency securities⁶	Principal	-2,870	-4,356	-4,661	-11,887
Foreign currency securities⁶	Interest	-84	-139	-905	-1,128
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		-2,954	-4,495	-5,566	-13,015

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			0
Securities lent under repurchase agreements⁷			0
Securities held under repurchase agreements⁸			460
Financial derivatives assets (net, marked to market)
Forwards			0
Swaps			-1,671

Notes:

Future Release Dates

The next release is April 3, 2009 (covering the period March 2009).

___________________________________
For further information, media may contact:

Jack Aubry
Media Relations Department of Finance
613-996-8080
www.fin.gc.ca

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2007–March 31, 2008, located at www.fin.gc.ca/activty/oirrep/oir08_e.pdf.

To receive e-mail notification of all news releases, please register at www.fin.gc.ca/scripts/register-eng.asp.

**Official International Reserves** (10-Year Synopsis)
	US dollars	Other currencies	Gold	SDRs	IMF position	Total

	(millions of US dollars)
February 27, 2009	23,384	17,471	104	946	1,288	43,193
January 30, 2009	23,133	17,226	100	960	1,310	42,729
December 31, 2008	22,804	18,733	95	991	1,249	43,872
November 28, 2008	22,389	16,913	89	962	1,212	41,565
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, 2008	22,804	18,733	95	991	1,249	43,872
December 31, 2007	19,257	20,057	91	1,015	661	41,081
December 31, 2006	15,608	17,590	69	963	833	35,063
December 31, 2005	16,842	13,822	56	897	1,401	33,018
December 31, 2004	14,426	15,740	48	925	3,327	34,466
December 31, 2003	15,575	15,961	45	838	3,848	36,267
December 31, 2002	17,946	14,739	205	712	3,567	37,169
December 31, 2001	19,748	10,736	291	614	2,859	34,248
December 31, 2000	21,692	7,327	323	574	2,508	32,424
December 31, 1999	18,838	5,594	524	526	3,164	28,646
December 31, 1998	15,907	4,004	122	1,097	2,297	23,427

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Official International Reserves

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