Official International Reserves

News Release

Ottawa, August 7, 2009
2009-076

- Official International Reserves 2009 -

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$552 million during July to US$45,214 million.

Details on the level and composition of Canada's reserves as of July 31, 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		41,576
Deposits		722
Total securities and deposits (liquid reserves)		42,298

Gold¹		102
Special drawing rights (SDRs)		1,002
Reserve position in the IMF		1,812
Total:	July 31, 2009	45,214
	June 30, 2009	44,662
Net change		552

Details on Deposits
Other central banks/Bank for International Settlements			662
Banks headquartered in Canada			0
Of which: located abroad			0
Banks headquartered abroad			60
Of which: located in Canada			0
Total			722

Details of Net Change
Reserves management operations²			428
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			292
Foreign currency debt charges			-464
Revaluation effects⁴			296
Net government operations⁵			0
Official intervention			0
Other transactions			0
Net change			552

Currency Composition of Deposits and Securities
US dollars				23,335
Euro				18,662
Yen				301
Total				42,298

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁶	Principal	-1,055	-4,041	-4,390	-9,486
Foreign currency securities⁶	Interest	-41	-200	-909	-1,150
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		-1,096	-4,241	-5,299	-10,636

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			270
Financial derivatives assets (net, marked to market)
Forwards			0
Swaps			1,383

Notes:
1. There were no sales of gold settled in July. On July 31, gold holdings stood at 0.1 million ounces. The valuation is based on the July 31, 2009, London p.m. fix of US$939 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 July, Canada bills decreased by US$737 million to a level of outstanding bills of US$6,118 million. A total of US$965 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$200 million in FX swaps was transacted during July. 3. "Return on investments" comprises US$101 million of interest earned on investments and a US$191-million increase 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 July, 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 September 3, 2009 (covering the period August 2009).

For further information, media may contact:

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)
July 31, 2009	23,335	18,962	102	1,002	1,812	45,214
June 30, 2009	23,228	18,520	102	1,001	1,811	44,662
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

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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