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Release at 8:15 a.m. EDT
Ottawa, April 4, 2001
2001- 037

Official International Reserves

- Official International Reserves 2001 -

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$602 million during March to US$33,513 million.

Details on the level and composition of Canada's reserves as of March 31, 2001, 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.

Details on Deposits

Foreign Currency Reserves
Securities		25,314
Deposits		4,923
Gold¹		300
Special drawing rights (SDRs)		573
Reserve position in the IMF		2,403
Total:	March 31, 2001	33,513
	February 28, 2001*	32,911
Net change		+602
Details of Net Change
Foreign currency debt²		1,082
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments³		227
Foreign currency debt charges		-177
Revaluation effects		-469
Net government operations⁴		-61
Official intervention		0
Other transactions		0
Net change		+602
Other central banks/Bank for International Settlements		510
Banks headquartered in Canada		602
of which: located abroad		301
Banks headquartered abroad		3,811
of which: located in Canada		401
Total		4,923
Currency Composition of Deposits and Securities
US dollars		22,407
Euro		6,937
Yen		888
Other		5
Total		30,237
* Please note the change in the total foreign currency reserves figure for February 28, 2001, and revisions to September 30, 2000 (as shown on page 4) due to restatement of the non-US$ deposits and securities position.

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁵	Principal	-1,611	-2,948	-2,561	-7,120
Foreign currency securities⁵	Interest	-65	-329	-1,082	-1,476
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-635	-851	0	-1,486
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-2,311	-4,128	-3,643	-10,082

Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁶			-1,138
Securities held under repurchase agreements⁷			86
Financial derivatives assets (net, marked to market)
Forwards			-15
Swaps			-665

Notes:
There were no sales of gold in March. On March 31, gold holdings stood at 1.2 million ounces. The valuation is based on the March 31, 2001, London p.m. fix of US$257.70 per ounce. During March Canada Bills increased by US$548 million to a level of outstanding bills of $4,585 million and Canada Notes increased by US$400 million to a level of outstanding notes of $1,048 million. Cross-currency swaps of domestic obligations raised US$134 million equivalent. "Return on investments" comprises US$131 million of interest earned on investments and a US$96-million increase in the market value of securities resulting from changes in interest rates. "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.

Future Release Dates

The next release is May 3, 2001 (covering the period April 2001).

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:

Rob Stewart
Financial Markets Division
(613) 992-4468

Jean-Michel Catta
Public Affairs and Operations Division
(613) 996-8080

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)

March 31, 2001

22,407

7,830

300

573

2,403

33,513

February 28, 2001

21,942

7,608

310

587

2,464

32,911

January 31, 2001

21,709

7,663

313

572

2,581

32,838

December 31, 2000

21,692

7,327

323

574

2,508

32,424

November 30, 2000

21,324

6,613

319

565

2,256

31,077

October 31, 2000

21,230

6,163

313

546

2,292

30,544

September 30, 2000

21,163

6,331

324

554

2,325

30,697

August 31, 2000

21,197

6,159

328

557

2,337

30,578

July 31, 2000

20,645

6,173

344

543

2,517

30,222

June 30, 2000

20,326

6,277

358

553

2,646

30,160

May 31, 2000

19,862

6,100

364

545

2,612

29,483

April 30, 2000

21,066

5,839

387

526

2,616

30,434

March 31, 2000

21,020

6,089

411

537

3,050

31,107

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

Dec. 31, 1991

9,440

4,639

649

1,582

592

16,901

Dec. 31, 1990

11,476

4,326

735

1,526

517

18,581

Dec. 31, 1989

11,489

2,661

741

1,377

528

16,796



		Last Updated: 2004-02-03			Important Notices