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Release at 8:15 a.m. EST
Ottawa, December 4, 2002
2002-101

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$755 million during November to US$36,501 million.

Details on the level and composition of Canada’s reserves as of November 30, 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		29,681
Deposits		2,640
Total securities and deposits (liquid reserves)		32,321
Gold¹		218
Special drawing rights (SDRs)		697
Reserve position in the IMF		3,265
Total:	November 30, 2002	36,501
	October 31, 2002	37,256
Net change		-755
Details on Deposits
Other central banks/Bank for International Settlements		640
Banks headquartered in Canada		200
Of which: located abroad		200
Banks headquartered abroad		1,800
Of which: located in Canada		400
Total		2,640

Details of Net Change
Reserves management operations²	-721
Gains and losses on gold sales	0
Net investment gains and losses
Return on investments³	-13
Foreign currency debt charges	-57
Revaluation effects⁴	67
Net government operations⁵	22
Official intervention	0
Other transactions⁶	-53
Net change	-755
Currency Composition of Deposits and Securities
US dollars	18,419
Euro	12,967
Yen	929
Other	6
Total	32,321

		0-1 month	1-3 months	3-12 months	Total
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)⁷

Foreign currency securities⁸	Principal	-1,368	-3,001	-842	-5,211
	Interest	-185	-156	-844	-1,185
Aggregate short forward positions in foreign currencies vis-à-visCanadian dollar		-1,466	0	0	-1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-3,019	-3,157	-1,686	-7,862

Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁹			-1,018
Securities held under repurchase agreements¹⁰			94
Financial derivatives assets (net, marked to market)
Forwards			13
Swaps			-1,066

Notes:
There were no sales of gold settled in November. On November 30, gold holdings stood at 0.7 million ounces. The valuation is based on the November 30, 2002, London p.m. fix of US$319.05 per ounce. Net change in securities and deposits resulting from foreign currency funding activities of the Government. (Issuance of foreign currency liabilities used to acquire assets increases reserves, while maturities decrease reserves). During November, Canada bills decreased by US$721 million to a level of outstanding bills of US$1,701 million. "Return on investments" comprises US$104 million of interest earned on investments and a US$117-million decrease in the market value of securities resulting from changes in interest rates. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. Due to a decrease in the reserve position in the IMF related to IMF lending operations. Predetermined short-term drains include the Government’s contractual obligations in foreign currencies related to payments of principal and interest associated with securities and commitments under swaps and forward contracts coming due during the next 12 months. "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 January 6, 2003 (covering the period December 2002).

A list of upcoming release dates is posted on the Department of Finance Canada Web site at: www.fin.gc.ca/invest_x/releaseDates_e.asp.

___________________
For further information:

Sandra Lavoratore
Financial Markets Division
(613) 947-3919

Harry Adams
Public Affairs and Operations Division
(613) 996-8080

For further information on the Exchange Fund Account, please consult the 2001 Annual Report to Parliament on the Operations of the Exchange Fund Account by the Minister of Finance and Report of the Auditor General to the Minister of Finance on the Examination of the Accounts and Financial Statements of the Exchange Fund Account, located at www.fin.gc.ca/purl/efa-e.html.

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.

ALIGN="left" style="margin-bottom: 0">Official International Reserves (10-Year Synopsis)

	US dollars	Other currencies	Gold	SDRs	IMF position	Total


	(millions of US dollars)
November 30, 2002	18,419	13,902	218	697	3,265	36,501
October 31, 2002	19,234	13,811	216	685	3,310	37,256
September 30, 2002	18,426	13,937	250	686	3,316	36,615
August 31, 2002	18,836	13,931	242	688	3,399	37,096
July 31, 2002	18,512	13,678	262	671	3,287	36,410
June 30, 2002	19,078	13,753	274	675	3,410	37,190
May 31, 2002	19,019	12,889	281	655	2,832	35,676
April 30, 2002	18,858	12,393	266	632	2,807	34,956
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


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			Important Notices