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Release at 8:15 a.m. EST
Ottawa, November  5, 2003
2003-057

Official International Reserves

- Official International Reserves 2003 -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$822 million during October to US$35,856 million. 

Details on the level and composition of Canada’s reserves as of October 31, 2003, 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		29,258
Deposits		1,789
Total securities and deposits (liquid reserves)		31,047
Gold1		67
Special drawing rights (SDRs)		795
Reserve position in the IMF		3,947
Total:	October 31, 2003	35,856
	September 30, 2003	36,678
Net change		-822
Details on Deposits
Other central banks/Bank for International Settlements		389
Banks headquartered in Canada		0
Of which: located abroad		0
Banks headquartered abroad		1,400
Of which: located in Canada		200
Total		1,789
Details of Net Change
Reserves management operations2		-399
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments3		-222
Foreign currency debt charges		-120
Revaluation effects4		-81
Net government operations5		0
Official intervention		0
Other transactions		0
Net change		-822
Currency Composition of Deposits and Securities
US dollars		16,145
Euro		13,876
Yen		1,019
Other		7
Total		31,047

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)6
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities7	Principal	-1,535	-1,630	-1,896	-5,061
	Interest	-236	-65	-868	-1,169
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		-1,771	-1,695	-2,764	-6,230
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements8			-1,276
Securities held under repurchase agreements9			602
Financial derivatives assets (net, marked to market)
Forwards			0
Swaps			829
Notes: 1. There were no sales of gold settled in October. On October 31, gold holdings stood at 0.2 million ounces. The valuation is based on the October 31, 2003, London p.m. fix of US$386.00 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 October Canada bills decreased by US$135 million to a level of outstanding bills of US$1,790 million. A total of US$264 million equivalent in cross-currency swaps matured in October. 3. "Return on investments" comprises US$94 million of interest earned on investments and a US$316-million decrease in the 4. 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. 5. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. 6.Predetermined short-term drains include the Government’s contractual obligations in foreign currencies related to payments of principal and interest associated with securities and commitments under swaps and forward contracts coming due during the next 12 months. 7. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. 8. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves. 9. 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 December 3, 2003 (covering the period November 2003).

A list of upcoming release dates is posted on the Department of Finance Web site located at: www.fin.gc.ca/invest_x/releaseDates_e.asp

___________________
For further information:

For further information on the Exchange Fund Account, please consult the 2002 Annual Report to Parliament on the Operations of the Exchange Fund Account by the Minister of Finance and Report of the Auditor General to the Minister of Finance on the Examination of the Accounts and Financial Statements of the Exchange Fund Account, located at www.fin.gc.ca/purl/efa-e.html.

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp

Official International Reserves (10-Year Synopsis)

	US dollars	Other currencies	Gold	SDRs	IMF position	Total
	(millions of US dollars)
October 31, 2003	16,145	14,902	67	795	3,947	35,856
September 30, 2003	16,382	15,464	67	794	3,971	36,678
August 31, 2003	16,134	14,541	65	765	3,785	35,290
July 31, 2003	15,967	14,831	110	761	4,096	35,765
June 30, 2003	16,207	15,469	107	766	4,150	36,699
May 31, 2003	16,652	16,044	153	777	3,797	37,423
April 30, 2003	16,587	15,045	142	745	3,744	36,263
March 31, 2003	16,501	14,754	170	739	3,762	35,926
February 28, 2003	16,188	15,238	177	738	3,560	35,901
January 31, 2003	17,885	15,211	220	728	3,591	37,635
December 31, 2002	17,946	14,739	205	712	3,567	37,169
November 30, 2002	18,419	13,902	218	697	3,265	36,501
October 31, 2002	19,234	13,811	216	685	3,310	37,256
Dec. 31, 2001	19,748	10,736	291	614	2,859	34,248
Dec. 31, 2000	21,692	7,327	323	574	2,508	32,424
Dec. 31, 1999	18,838	5,594	524	526	3,164	28,646
Dec. 31, 1998	15,907	4,004	122	1,097	2,297	23,427
Dec. 31, 1997	14,630	492	146	1,126	1,575	17,969
Dec. 31, 1996	17,521	507	155	1,168	1,227	20,578
Dec. 31, 1995	12,127	502	178	1,177	1,243	15,227
Dec. 31, 1994	9,693	526	199	1,148	910	12,475
Dec. 31, 1993	9,950	521	292	1,064	949	12,776
Dec. 31, 1992	7,864	1,518	478	1,039	1,010	11,909