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Release at 8:15 a.m. EDT
Ottawa, April 4, 2002
2002-029

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$151 million during March to US$34,029 million.

Details on the level and composition of Canada’s reserves as of March 31, 2002, 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 27,298
Deposits 2,876
Gold1 288
Special drawing rights (SDRs) 621
Reserve position in the IMF   2,946
Total: March 31, 2002 34,029
  February 28, 2002 34,180
Net change -151
Details on Deposits
Other central banks/Bank for International Settlements 213
Banks headquartered in Canada 300
   Of which: located abroad 0
Banks headquartered abroad 2,363
  Of which: located in Canada 400           
Total 2,876
Details of Net Change
Foreign currency debt2 128
Gains and losses on gold sales 0
Net investment gains and losses
   Return on investments3 -229
   Foreign currency debt charges -93
   Revaluation effects 47
Net government operations4 1
Official intervention 0
Other transactions5      -5
Net change -151
Currency Composition of Deposits and Securities
US dollars 18,495
Euro 10,828
Yen 846
Other            5
Total 30,174
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)

0-1
month		 1-3
months		 3-12
months		 Total
Foreign currency securities6 Principal -1,023 -1,201 -5,121 -7,345
Interest -50 -277 -1,017 -1,344
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -301 -1,165 0 -1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar         0         0         0         0
Total net drains -1,374 -2,643 -6,138 -10,155
Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada 6,000

Securities lent under repurchase agreements7 -512

Securities held under repurchase agreements8 107

Financial derivatives assets (net, marked to market)

   Forwards -4

   Swaps -631

Notes:

  1. There were no sales of gold settled in March. On March 31 gold holdings stood at 1.0 million ounces. The valuation is based on the March 31, 2002, London p.m. fix of US$301.40 per ounce.

  2. During March Canada bills decreased by US$375 million to a level of outstanding bills of US$2,105 million. Cross-currency swaps of domestic obligations raised US$503 million equivalent.

  3. "Return on investments" comprises US$99 million of interest earned on investments and a US$328-million decrease 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. Due to a decrease in the reserve position in the IMF related to IMF lending operations.

  6. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

  7. Securities lent under repurchase agreements are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

  8. 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, 2002 (covering the period April 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)
March 31, 2002 18,495 11,679 288 621 2,946 34,029
February 28, 2002 19,051 11,308 284 619 2,918 34,180
January 31, 2002 19,147 10,767 297 607 2,826 33,644
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
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
Dec. 31, 1991 9,440 4,639 649 1,582 592 16,901
Last Updated: 2004-02-03

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