Official International Reserves

Foreign Currency Reserves

Securities

28,354

Deposits

   2,030

Total securities and deposits (liquid reserves)

30,384

Gold¹

46

Special drawing rights (SDRs)

905

Reserve position in the IMF

  3,255

Total: 

34,590

34,467

Net change

123

Details on Deposits

Other central banks/Bank for International Settlements

727

Banks headquartered in Canada

0

   Of which: located abroad

0

Banks headquartered abroad

1,303

   Of which: located in Canada

   0

_____

Total

2,030

Details of Net Change

Reserves management operations²

715

Gains and losses on gold sales

0

Net investment gains and losses

  Return on investments³

103

  Foreign currency debt charges

-47

  Revaluation effects⁴

-648

Net government operations⁵

0

Official intervention

0

Other transactions

     0

Net change

123

Currency Composition of Deposits and Securities

US dollars

15,138

Euro

14,158

Yen

1,083

Other

         5

Total

30,384

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)⁶

Foreign currency securities⁷

Principal

-1,252

-647

-4,775

-6,674

Interest

-127

-86

-980

-1,193

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

-1,379

-733

-5,755

-7,867

Additional Information (Nominal Value)

Undrawn, unconditional credit lines with
banks headquartered outside Canada

6,000

Securities lent under repurchase agreements⁸

-2,684

Securities held under repurchase agreements⁹

303

Financial derivatives assets (net, marked to market)

  Forwards

0

  Swaps

716

Notes:

1.  There were no sales of gold settled in January. On January 31, gold holdings stood at 0.1 million ounces. The valuation is based on the January 31, 2005, London p.m. fix of US$422.15 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 January, Canada bills increased by US$65 million to a level of outstanding bills of US$1,490 million. Cross-currency swaps of domestic obligations raised US$650 million.

3.  "Return on investments" comprises US$93 million of interest earned on investments and a US$10-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 January, the depreciation 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.  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.

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

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

9.  Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves.

Sandra Lavoratore
Financial Markets Division
(613) 947-3919

David Gamble
Public Affairs and Operations Division
(613) 996-8080 

(millions of US dollars)

January 31, 2005

15,138

15,246

46

905

3,255

34,590

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

Dec. 31, 2003

15,576

15,961

45

838

3,848

36,268

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

Important Notices