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Release at 8:15 a.m. EST
Ottawa, November 5, 2001
2001-098

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$736 million during October to US$34,955 million.

Details on the level and composition of Canada’s reserves as of October 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.

Currency Composition of Deposits and Securities

Foreign Currency Reserves
Securities		26,423
Deposits		4,576
Gold¹		308
Special drawing rights (SDRs)		610
Reserve position in the IMF		3,038
Total:	October 31, 2001	34,955
	September 30, 2001	34,219
		_____
Net change		+736
Details on Deposits
Other central banks/Bank for International Settlements		388
Banks headquartered in Canada		830
Of which: located abroad		529
Banks headquartered abroad		3,358
Of which: located in Canada		377	____
Total		4,576
Details of Net Change
Foreign currency debt²		551
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments³		385
Foreign currency debt charges		-91
Revaluation effects		-168
Net government operations⁴		59
Official intervention		0
Other transactions		0
Net change		+736
US dollars		20,479
Euro		9,592
Yen		921
Other		7
Total		30,999


Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
		0-1 month	1-3 months	3-12 months	Total
Foreign currency securities⁵	Principal	-1,276	-2,043	-3,145	-6,464
Foreign currency securities⁵	Interest	-132	-185	-935	-1,252
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-916	-550	0	-1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-2,324	-2,778	-4,080	-9,182

Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁶			-1,082
Securities held under repurchase agreements⁷			80
Financial derivatives assets (net, marked to market)
Forwards			-18
Swaps			-399

Notes:
1. Sales of 35,000 ounces of gold settled in October. On October 31, gold holdings stood at 1.1 million ounces. The valuation is based on the October 31, 2001, London p.m. fix of US$278.75 per ounce. 2. During October Canada bills increased by US$256 million to a level of outstanding bills of US$3,558 million. Cross-currency swaps of domestic obligations raised US$295 million equivalent. 3. "Return on investments" comprises US$76 million of interest earned on investments and a US$309-million increase in the market value of securities resulting from changes in interest rates. 4. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. 5. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. 6. Securities lent under repurchase agreements are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves. 7. 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 5, 2001 (covering the period November 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) 992-7763

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, 2001
20,479 10,520 308 610 3,038 34,955

September 30, 2001
20,017 10,187 335 616 3,064 34,219

August 31, 2001
21,658 9,874 312 615 2,571 35,030

July 31, 2001
21,619 9,012 309 588 2,276 33,804

June 30, 2001
21,465 8,401 315 582 2,252 33,015

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

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