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Ottawa, May 3, 2000
2000-036

Official International Reserves

The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$677 million during April to US$30,430 million.

Details on the level and composition of Canada's reserves as of April 30, 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 21,857
Deposits 5,048
Gold1 387
Special drawing rights (SDRs) 526
Reserve position in the IMF 2,612
Total: April 30, 2000 30,430
March 31, 2000 31,107
Net change -677
Details of Net Change
Foreign currency debt2 -241
Gains and losses on gold sales -1
Net investment gains and losses
     Return on investments3 -88
     Foreign currency debt charges -87
     Revaluation effects -356
Net government operations4 96
Official intervention -
Other transactions         -
Net change -677
Details on Deposits
Other central banks/Bank for International Settlements 1,140
Banks headquartered in Canada 701
     of which: located abroad 301 
Banks headquartered abroad 3,207
     of which: located in Canada 201  ____
Total 5,048
Currency Composition of Deposits and Securities
     US dollars 21,066
     Euro 5,288
     Yen 545
     Other        6
Total 26,905
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
 month		 1-3
months		 3-12
months		 Total
Foreign currency securities5 Principal -2,658 -2,423 -765 -5,846
Interest -136 -443 -1,235 -1,814
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -701 -875 0 -1,576
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar       40        20        0        60
Total net drains -3,455 -3,721 -2,000 -9,176
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 1,599
Securities held under repurchase agreements7 117
Financial derivatives assets (net, marked to market)8
     Forwards -21
     Swaps -474
Notes:

  1. A sale of 80,000 ounces of gold settled in April. On April 30, gold holdings stood at 1.4 million ounces. The valuation is based on April 30, 2000, London p.m. fix of US$275.05 per ounce.

  2. During April, Canada bills decreased by US$317 million, to a level of outstanding bills of US$3,828 million. Cross-currency swaps of domestic obligations raised US$76 million equivalent.

  3. "Return on investments" comprises US$109 million of interest earned on investments and a US$197-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. "Foreign currency securities" include 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

Future Release Dates

The next release is June 5, 2000 (covering the period May 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)
April 30, 2000 21,066 5,839 387 526 2,612 30,430
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
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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