Archived - Official International Reserves: 2015-02

Ottawa, February 4, 2015

- All 2015 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$137 million during January to US$74,837 million.

Details on the level and composition of Canada’s reserves as of January 30, 2015, 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	62,732
Deposits	596

Total securities and deposits (liquid reserves):	63,328
Gold¹	121
Special drawing rights (SDRs)	7,944
Reserve position in the IMF	3,444

Total:
January 30, 2015	74,837
December 31, 2014	74,700

Net change:	137

Details on Deposits

	Millions of US dollars
Other central banks/Bank for International Settlements	496
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	100
Of which: located in Canada	0

Total:	596

Details of Net Change

	Millions of US dollars
Reserves management operations²	1,149
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments³	577
Foreign currency debt charges	-122
Revaluation effects⁴	-1,467
Net government operations⁵	0
Official intervention	0
Other transactions	0

Net change:	137

Currency Composition of Deposits and Securities

	Millions of US dollars
US dollars	44,915
Euro	15,840
Pound sterling	1,915
Yen	658

Total:	63,328

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	-762	-1,140	-4,657	-6,559
Interest	-92	-132	-833	-1,058
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar	0	-182	0	-182
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0

Total net drains:	-854	-1,454	-5,490	-7,798

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	446
Financial derivatives assets (net, marked to market):
Forwards	46
Swaps	-5,137

NOTES:

There were no sales of gold settled in January. On January 30, gold holdings stood at 95,895 ounces. The valuation is based on the January 30, 2015, London p.m. fix of US$1,260.25 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 January, Canada bills increased by US$228 million to a level of outstanding bills of US$3,112.9 million; a total of US$744.1 million of cross-currency swaps of domestic obligations was raised; and a total of €150 million (US$176.8 million) in medium-term notes was issued.
“Return on investments” comprises US$92 million of interest earned on investments and a US$485-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 January, 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

January 30, 2015	44,915	18,413	121	7,944	3,444	74,837
December 31, 2014	43,756	19,000	116	8,164	3,664	74,700
November 28, 2014	42,533	19,029	113	8,251	4,185	74,111
October 31, 2014	42,299	18,946	112	8,330	4,225	73,912
September 30, 2014	41,830	19,089	117	8,354	4,297	73,687
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, 2014	43,756	19,000	116	8,164	3,664	74,700
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