Archived - Official International Reserves: September 2014

Ottawa, September 4, 2014

- All 2014 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$148 million during August to US$75,614 million.

Details on the level and composition of Canada’s reserves as of August 29, 2014, 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	60,704
Deposits	1,703

Total securities and deposits (liquid reserves):	62,407
Gold¹	123
Special drawing rights (SDRs)	8,557
Reserve position in the IMF	4,527

Total:
August 29, 2014	75,614
July 31, 2014	75,466

Net change:	148

Details on Deposits

	millions of US dollars
Other central banks/Bank for International Settlements	1,478
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	225
Of which: located in Canada	0

Total:	1,703

Details of Net Change

	millions of US dollars
Reserves management operations²	392
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments³	333
Foreign currency debt charges	-118
Revaluation effects⁴	-459
Net government operations⁵	0
Official intervention	0
Other transactions	0

Net change:	148

Currency Composition of Deposits and Securities

	millions of US dollars
US dollars	43,755
Euro	17,351
Pound sterling	563
Yen	738

Total:	62,407

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)

	0-1 month	1-3 months	3-12 months	Total
	millions of US dollars

Foreign currency securities⁶:
Principal	-3,269	-1,266	-3,957	-8,492
Interest	-110	-143	-884	-1,138
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:	-3,379	-1,410	-4,840	-9,630

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	542
Financial derivatives assets (net, marked to market):
Forwards	75
Swaps	-839

NOTES:

There were no sales of gold settled in August. On August 29, gold holdings stood at 95,895 ounces. The valuation is based on the August 29, 2014, London p.m. fix of US$1,285.75 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 August, Canada bills increased by US$197.9 million to a level of outstanding bills of US$1,934.5 million; and a total of US$426.6 million of cross-currency swaps of domestic obligations was raised while US$232.1 million in swaps matured.
“Return on investments” comprises US$97 million of interest earned on investments and a US$236-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 August, 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.

Official International Reserves (10-Year Synopsis)

Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
	millions of US dollars

August 29, 2014	43,755	18,652	123	8,557	4,527	75,614
July 31, 2014	43,148	19,002	123	8,628	4,565	75,466
June 30, 2014	43,063	19,347	126	8,710	4,628	75,874
May 30, 2014	44,645	19,875	120	8,680	4,565	77,885
April 30, 2014	43,711	20,107	124	8,730	4,623	77,295
March 31, 2014	43,452	19,554	124	8,709	4,611	76,450
February 28, 2014	44,297	19,424	127	8,718	4,603	77,169
January 31, 2014	40,411	18,917	120	8,642	4,688	72,778
December 31, 2013	39,514	18,916	115	8,675	4,717	71,937
November 29, 2013	39,852	18,813	122	8,648	4,603	72,038
October 31, 2013	39,152	18,821	130	8,663	4,731	71,497
September 30, 2013	39,190	18,656	130	8,641	4,775	71,392
August 30, 2013	38,667	17,938	139	8,583	4,601	69,928

December 31, 2013	39,514	18,916	115	8,675	4,717	71,937
December 31, 2012	35,622	19,621	181	8,754	4,368	68,546
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