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Media Room - News Releases
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Ottawa, April 5, 2000
2000-025

Official International Reserves

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$1,220 million during March to US$31,107 million.

Details on the level and composition of Canada's reserves as of March 31, 2000, 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 22,886
Deposits 4,223
Gold1 411
Special drawing rights (SDRs) 537
Reserve position in the IMF 3,050
Total: March 31, 2000 31,107
February 29, 2000 29,887
Net change 1,220
Details of Net Change
Foreign currency debt2 641
Gains and losses on gold sales -2
Net investment gains and losses
     Return on investment3 327
     Foreign currency debt charges -80
     Revaluation effects -22
Net government operations4 +356
Official intervention -
Other transactions         -
Net change 1,220
Details on Deposits
Other central banks/Bank for International Settlements 419
Banks headquartered in Canada 900
     of which: located abroad 500
Banks headquartered abroad 2,904
     of which: located in Canada 200         
Total 4,223
Currency Composition of Deposits and Securities
     US dollars 21,020
     Euro 5,593
     Yen 494
     Other         2
Total 27,109
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month		 1-3
months		 3-12
months		 Total
Foreign currency securities5 Principal -1,794 -3,481 -820 -6,095
Interest -78 -362 -1,303 -1,743
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -200 -1,386 0 -1,586
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar       10       30         0        40
Total net drains -2,062 -5,199 -2,123 -9,384
Additional Items (Nominal Value)
Undrawn, unconditional credit lines
     With banks headquartered
     in Canada		 1,000
     With banks headquartered
     outside Canada 		6,000
Securities lent under repurchase agreements6 1,746
Securities held under repurchase agreements7 4
Financial derivatives assets (net, marked to market)8
     Forwards 16
     Swaps -191
Notes:

  1. A sale of 70,000 ounces of gold settled in March. On March 31, gold holdings stood at 1.5 million ounces. The valuation is based on March 31, 2000 London p.m. fix of US$276.75 per ounce.

  2. During March, Canada bills increased by US$684 million, to a level of outstanding bills of US$4,145 million. Cross-currency swaps of domestic obligations raised US$243 million equivalent. Maturities of cross-currency swaps of domestic obligations totalled US$286 million equivalent.

  3. "Return on investments" are comprised of US$110 million of interest earned on investments and a US$217- million increase 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. "Foreign currency securities" Iinclude maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

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

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

  8. This information will now be reported on an on-going basis.

Note: A US$26- million EMTNEuro Medium-Term Note maturity was misclassified under debt charges oin the March 3, 2000 news release, – the net change in foreign currency debt should have read +US$438 million (instead of + US$464 million). Foreign currency debt charges should have read -US$131 million (instead of –-US$157 million). The total net change in reserves reported on March 3, 2000 (+US$918 million) is unaffected.

Future Release Dates

The next release is May 3, 2000 (covering the period April 2000).

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:

Michael Keenan
Financial Markets Division
(613) 992-4013

Jean-Michel Catta
Public Affairs and Operations Division
(613) 996-808

Official International Reserves (10-Year Synopsis)
US
dollars		 Other
currencies		 Gold SDRs IMF
position		 Total
(millions of US dollars)
March 31, 2000 21,020 6,089 411 537 3,050 31,107
February 29, 2000 20,091 5,773 457 534 3,032 29,887
January 31, 2000 19,353 5,600 466 519 3,031 28,969
December 31, 1999 18,838 5,594 524 526 3,164 28,646
November 30, 1999 19,263 5,428 526 510 3,170 28,897
October 31, 1999 17,127 5,410 540 496 3,195 26,768
September 30, 1999 16,872 5,114 540 499 3,211 26,236
August 31, 1999 16,731 4,883 495 493 3,111 25,713
July 31, 1999 16,728 4,845 540 474 3,025 25,612
June 30, 1999* 17,335 4,472 572 464 2,963 25,806
May 31, 1999 17,550 4,098 103 467 2,982 25,201
April 30, 1999 17,610 4,152 104 454 2,997 25,317
March 31, 1999 17,233 4,255 111 456 2,903 24,958
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
Dec. 31, 1988 12,608 908 807 1,369 505 16,198
* Starting with June 30, 1999, securities and gold are reported at month-end closing market value.
Last Updated: 2004-10-29

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