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Ottawa, June 5, 2001
2001-055

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$54 million during May to US$33,261 million.

Details on the level and composition of Canada's reserves as of May 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.

Foreign Currency Reserves

Securities		24,834
Deposits		5,122
Gold¹		311
Special drawing rights (SDRs)		586
Reserve position in the IMF		2,408
Total:	May 31, 2001	33,261
	April 30, 2001	33,207
Net change		54
Details on Deposits
Other central banks/Bank for International Settlements		908
Banks headquartered in Canada		402
Of which: located abroad		201
Banks headquartered abroad		3,812
Of which: located in Canada		302	____
Total		5,122
Details of Net Change
Foreign currency debt²		77
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments³		320
Foreign currency debt charges		-188
Revaluation effects		-297
Net government operations⁴		142
Official intervention		0
Other transactions		0
Net change		54
Currency Composition of Deposits and Securities
US dollars		21,871
Euro		7,130
Yen		949
Other		6
Total		29,956

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁵	Principal	-2,465	-1,662	-1,637	-5,764
Foreign currency securities⁵	Interest	-133	-274	-908	-1,315
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-1,251	-215	0	-1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-3,849	-2,151	-2,545	-8,545
Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁶			-2,422
Securities held under repurchase agreements⁷			107
Financial derivatives assets (net, marked to market)
Forwards			3
Swaps			-325

Notes:
Sales of 120 ounces of gold settled in May associated with the settlement of gold loans. On May 31, gold holdings stood at 1.2 million ounces. The valuation is based on the May 31, 2001, London p.m. fix of US$267.50 per ounce. During May Canada Bills increased by US$765 million to a level of outstanding bills of $5,188 million and Canada Notes decreased by US$40 million to a level of outstanding notes of $928 million. Cross-currency swaps of domestic obligations raised US$352 million equivalent. A global bond of US$1,000 million matured. "Return on investments" comprises US$109 million of interest earned on investments and a US$211-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 July 5, 2001 (covering the period June 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:

Nigel Stephens
Financial Markets Division
(613) 943-1944

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)

May 31, 2001 21,871 8,085 311 586 2,408 33,261

April 30, 2001 21,940 8,018 306 575 2,368 33,207

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

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