Official International Reserves

News Release

Ottawa, June 3, 2009
2009-054

- Official International Reserves 2009 -

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$2,246 million during May to US$44,870 million.

Details on the level and composition of Canada's reserves as of May 29, 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		40,031
Deposits		2,129
Total securities and deposits (liquid reserves)		42,160

Gold¹		106
Special drawing rights (SDRs)		999
Reserve position in the IMF		1,605
Total:	May 29, 2009	44,870
	April 30, 2009	42,624
Net change		2,246

Details on Deposits
Other central banks/Bank for International Settlements			1,829
Banks headquartered in Canada			0
Of which: located abroad			0
Banks headquartered abroad			300
Of which: located in Canada			0
Total			2,129

Details of Net Change
Reserves management operations²			1,119
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			-80
Foreign currency debt charges			-38
Revaluation effects⁴			1,245
Net government operations⁵			0
Official intervention			0
Other transactions			0
Net change			2,246

Currency Composition of Deposits and Securities
US dollars				23,617
Euro				18,246
Yen				297
Total				42,160

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁶	Principal	-2,805	-2,144	-5,137	-10,086
Foreign currency securities⁶	Interest	-474	-100	-562	-1,136
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		-3,279	-2,244	-5,699	-11,222

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			718
Financial derivatives assets (net, marked to market)
Forwards			0
Swaps			1,507

Notes:
1. There were no sales of gold settled in May. On May 29, gold holdings stood at 0.1 million ounces. The valuation is based on the May 29, 2009, London p.m. fix of US$976 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 May, Canada bills increased by US$137 million to a level of outstanding bills of US$6,858 million. A total of US$982 million of cross-currency swaps of domestic obligations were raised. 3. "Return on investments" comprises US$95 million of interest earned on investments and a US$175-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. In May, 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 July 6, 2009 (covering the period June 2009).

For further information, media may contact:

Jack Aubry
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, 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)
May 29, 2009	23,617	18,543	106	999	1,605	44,870
April 30, 2009	23,080	16,931	96	965	1,552	42,624
March 31, 2009	22,871	18,039	100	964	1,550	43,524
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

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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