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Release at 8:15 a.m. EST
Ottawa, January 4, 2002
2002-003

Official International Reserves

- Official International Reserves 2002 -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$337 million during December to US$34,248 million.

Details on the level and composition of Canada’s reserves as of December 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		26,329
Deposits		4,155
Gold¹		291
Special drawing rights (SDRs)		614
Reserve position in the IMF		2,859
Total:	December 31, 2001	34,248
	November 30, 2001	34,585
Net change		-337
Details on Deposits
Other central banks/Bank for International Settlements		687
Banks headquartered in Canada		726
Of which: located abroad		601
Banks headquartered abroad			2,742
Of which: located in Canada		376	_____
Total			4,155
Details of Net Change
Foreign currency debt²		-215
Gains and losses on gold sales		0
Net investment gains and losses
Return on investments³		-162
Foreign currency debt charges		-120
Revaluation effects		-142
Net government operations⁴		302
Official intervention		0
Other transactions		0
Net change		-337
Currency Composition of Deposits and Securities
US dollars		19,748
Euro		9,876
Yen		856
Other		4
Total		30,484

		0-1 month	1-3 months	3-12 months	Total
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)

Foreign currency securities⁵	Principal	-1,608	-1,044	-3,625	-6,277
Foreign currency securities⁵	Interest	-88	-182	-1,024	-1,294
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-636	-830	0	-1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-2,332	-2,056	-4,649	-9,037

Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁶			-1,123
Securities held under repurchase agreements⁷			146
Financial derivatives assets (net, marked to market)
Forwards			-9
Swaps			-535

Notes:
Sales of 55,000 ounces of gold settled in December. On December 31, gold holdings stood at 1.1 million ounces. The valuation is based on the December 31, 2001, London p.m. fix of US$276.50 per ounce. During December Canada bills decreased by US$573 million to a level of outstanding bills of US$2,686 million. Cross-currency swaps of domestic obligations raised US$358 million equivalent. "Return on investments" comprises US$105 million of interest earned on investments and a US$267-million decrease 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 February 5, 2002 (covering the period January 2002).

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)
December 31, 2001	19,748	10,736	291	614	2,859	34,248
November 30, 2001	20,067	10,670	305	619	2,924	34,585
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

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