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Release at 8:15 a.m. EST
Ottawa, January 6, 2005
2005-002
Official International Reserves
- Official International Reserves 2005 -
The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$396 million during December to US$34,467 million.
Details on the level and composition of Canada’s reserves as of December 31, 2004, as well as the major factors underlying the change in reserves, are provided below. All figures are in millions of US dollars unless otherwise noted.
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| Foreign Currency Reserves | ||||
| Securities | 28,151 | |||
| Deposits | 2,016 | |||
| Total securities and deposits (liquid reserves) | 30,167 | |||
| Gold1 | 48 | |||
| Special drawing rights (SDRs) | 925 | |||
| Reserve position in the IMF | 3,327 | |||
| Total: | December 31, 2004 | 34,467 | ||
| November 30, 2004* | 34,071 | |||
| Net change | 396 | |||
| Details on Deposits | ||||
| Other central banks/Bank for International Settlements |
513 | |||
| Banks headquartered in Canada | 0 | |||
| Of which: located abroad | 0 | |||
| Banks headquartered abroad | 1,503 | |||
| Of which: located in Canada | 0 | _____ | ||
| Total | 2,016 | |||
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| Details of Net Change | ||||
| Reserves management operations2 | 103 | |||
| Gains and losses on gold sales | 0 | |||
| Net investment gains and losses | ||||
| Return on investments3 | 173 | |||
| Foreign currency debt charges | -140 | |||
| Revaluation effects4 | 259 | |||
| Net government operations5 | 0 | |||
| Official intervention | 0 | |||
| Other transactions6 | 1 | |||
| Net change | 396 | |||
| Currency Composition of Deposits and Securities | ||||
| US dollars | 14,427 | |||
| Euro | 14,642 | |||
| Yen | 1,094 | |||
| Other | 4 | |||
| Total | 30,167 | |||
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| * Please note that the total official international reserves figure for November 2004 has been restated from US$ 34,066 million to US$ 34,071 million. See the footnote at the end of this document for further information (page 4). | ||||
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| Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)7 | |||||
| 0-1 month |
1-3 months |
3-12 months |
Total | ||
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| Foreign currency securities8 | Principal | -890 | -1,018 | -4,800 | -6,708 |
| Interest | -50 | -149 | -1,046 | -1,245 | |
| Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar | 0 | 0 | 0 | 0 | |
| Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar | 0 | 0 | 0 | 0 | |
| Total net drains | -940 | -1,167 | -5,846 | -7,953 | |
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| Additional Information (Nominal Value) | |||||
| Undrawn, unconditional credit lines with banks headquartered outside Canada |
6,000 | ||||
| Securities lent under repurchase agreements9 | -2,924 | ||||
| Securities held under repurchase agreements10 | 319 | ||||
| Financial derivatives assets (net, marked to market) | |||||
| Forwards | 0 | ||||
| Swaps | 954 | ||||
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| Notes:
1. There were no sales of gold settled in December. On December 31, gold holdings stood at 0.1 million ounces. The valuation is based on the December 31, 2004, London a.m. fix of US$438.00 per ounce. 2. 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 December, Canada bills decreased by US$129 million to a level of outstanding bills of US$1,424 million. Cross-currency swaps of domestic obligations raised US$475 million, and a total of US$167 million equivalent in cross-currency swaps matured. In addition, Euro Medium-Term Notes of US$76 million matured.3. "Return on investments" comprises US$95 million of interest earned on investments and a US$78-million increase in the market value of securities resulting from changes in interest rates. 4. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In December, the appreciation of the euro accounted for most of the revaluation effect. 5. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. 6. Related to securities assumed by the Government of Canada, following privatization of Petro-Canada in July 1991, and the subsequent dissolution of Petro-Canada Limited in 2001. 7. 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. 8. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. 9. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves. 10. Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves. |
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Future Release Dates
The next release is February 3, 2005 (covering the period January 2005).
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.
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For further information:
| Sandra Lavoratore Financial Markets Division (613) 947-3919 |
David Gamble Public Affairs and Operations Division (613) 996-8080 |
For further information on the Exchange Fund Account, please consult the 2003 Report on the Management of Canada’s Official International Reserves, located at http://www.fin.gc.ca/toce/2004/oir04_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.
Official International Reserves (10-Year Synopsis)
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| US dollars | Other currencies | Gold | SDRs | IMF position | Total | |
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| (millions of US dollars) | ||||||
| December 31, 2004 | 14,427 | 15,740 | 48 | 925 | 3,327 | 34,467 |
| November 30, 2004* | 14,113 | 15,663 | 49 | 912 | 3,334 | 34,071 |
| October 31, 2004* | 17,271 | 15,001 | 46 | 880 | 3,262 | 36,460 |
| September 30, 2004* | 17,527 | 14,633 | 45 | 862 | 3,198 | 36,265 |
| August 31, 2004* | 17,022 | 14,623 | 44 | 857 | 3,345 | 35,891 |
| July 31, 2004* | 16,747 | 14,299 | 43 | 845 | 3,267 | 35,201 |
| June 30, 2004* | 16,646 | 14,545 | 43 | 849 | 3,335 | 35,418 |
| May 31, 2004* | 16,358 | 15,315 | 43 | 851 | 3,411 | 35,978 |
| April 30, 2004 | 15,712 | 15,112 | 42 | 832 | 3,415 | 35,113 |
| March 31, 2004 | 16,194 | 15,723 | 46 | 847 | 3,602 | 36,412 |
| February 29, 2004 | 15,648 | 15,840 | 43 | 847 | 3,705 | 36,083 |
| January 31, 2004 | 15,684 | 15,967 | 44 | 835 | 3,836 | 36,366 |
| December 31, 2003 | 15,576 | 15,961 | 45 | 838 | 3,848 | 36,268 |
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| Dec. 31, 2002 | 17,946 | 14,739 | 205 | 712 | 3,567 | 37,169 |
| Dec. 31, 2001 | 19,748 | 10,736 | 291 | 614 | 2,859 | 34,248 |
| 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 |
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| * Please note that the total official international reserves figures from May to November 2004 have been restated. The magnitude of the restatements is minor. The market valuation of a US dollar-denominated security held as part of Canada’s reserves has been adjusted. | ||||||
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| Last Updated: 2005-05-05 |
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