Official International Reserves

News Release

Ottawa, March 5, 2012

- All 2012 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$3,419 million during February to US$69,795 million.

Details on the level and composition of Canada’s reserves as of February 29, 2012, 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**
	Millions of US dollars
Securities	55,618
Deposits	806

Total securities and deposits (liquid reserves):	56,424
Gold¹	193
Special drawing rights (SDRs)	9,083
Reserve position in the IMF	4,095

Total:
February 29, 2012	69,795
January 31, 2012	66,376

Net change:	3,419

**Details on Deposits**
	Millions of US dollars
Other central banks/Bank for International Settlements	806
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0

Total:	806

**Details of Net Change**
	Millions of US dollars
Reserves management operations²	3,113
Gains and losses on gold sales	0
Net investment gains and losses
Return on investments³	-20
Foreign currency debt charges	-59
Revaluation effects⁴	385
Net government operations⁵	0
Official intervention	0
Other transactions	0

Net change:	3,419

**Currency Composition of Deposits and Securities**
	Millions of US dollars
US dollars	35,806
Euro	20,198
Yen	420

Total:	56,424

**Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)**
	Millions of US dollars

	0-1 month	1-3 months	3-12 months	Total
Foreign currency securities:⁶
Principal	-540	-2,098	-3,740	-6,378
Interest	-107	-143	-1,075	-1,326
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar	-119	0	-168	-287
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0

Total net drains:	-766	-2,242	-4,983	-7,991

**Additional Information (Nominal Value)**
	Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Securities lent under repurchase agreements⁷	0
Securities held under repurchase agreements⁸	267
Financial derivatives assets (net, marked to market):
Forwards	-42
Swaps	4,896

Notes:

There were no sales of gold settled in February. On February 29, gold holdings stood at 0.1 million ounces. The valuation is based on the February 29, 2012, London p.m. fix of US$1,770 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 February, Canada bills decreased by US$54.6 million to a level of outstanding bills of US$2,208.3 million and Canada issued a 5-year US$3-billion global bond. A total of US$67.4 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$167.7 million in foreign exchange swaps were transacted while US$67.4 million in swaps matured during the month.
“Return on investments” comprises US$109 million of interest earned on investments and a US$129-million decrease 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 February, 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.

**Official International Reserves (10-Year Synopsis)**
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
	(Millions of US dollars)
February 29, 2012	35,806	20,618	193	9,083	4,095	69,795
January 31, 2012	33,048	20,170	190	9,053	3,915	66,376
December 30, 2011	32,826	19,985	167	8,966	3,875	65,819
November 30, 2011	32,527	20,166	190	9,061	3,796	65,740
October 31, 2011	31,627	20,476	188	9,326	3,811	65,428
September 30, 2011	31,625	18,973	177	9,190	3,753	63,718
August 31, 2011	31,338	19,667	198	9,471	3,819	64,493
July 29, 2011	30,832	19,027	178	9,406	3,795	63,238
June 30, 2011	30,133	18,978	164	9,415	3,798	62,488
May 31, 2011	30,818	19,804	167	9,417	3,796	64,002
April 29, 2011	29,806	19,669	167	9,532	3,844	63,018
March 31, 2011	28,622	18,737	157	9,330	3,760	60,606
February 28, 2011	28,840	18,494	154	9,250	3,594	60,332

December 30, 2011	32,826	19,985	167	8,966	3,875	65,819
December 31, 2010	26,677	18,211	153	9,054	3,056	57,151
December 31, 2009	23,879	18,723	119	9,212	2,424	54,357
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

Future Release Dates

The next release is April 4, 2012 (covering the period March 2012).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2010–March 31, 2011.

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For further information, media may contact:

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

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Official International Reserves

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