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Ottawa, August 3, 2000
2000-057

Official International Reserves

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$52 million during July to US$30,325 million.

Details on the level and composition of Canada's reserves as of July 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 22,675
Deposits 4,143
Gold1 344
Special drawing rights (SDRs) 543
Reserve position in the IMF 2,620
Total: June 30, 2000 30,325
May 31, 2000 30,273
Net change +52
Details of Net Change
Foreign currency debt2 -174
Gains and losses on gold sales 0
Net investment gains and losses
     Return on investments3 296
     Foreign currency debt charges -211
     Revaluation effects -382
Net government operations4 523
Official intervention -
Other transactions         -
Net change +52
Details on Deposits
Other central banks/Bank for International Settlements 435
Banks headquartered in Canada 300
     of which: located abroad 300
Banks headquartered abroad 3,408
     of which: located in Canada 300 ____
Total 4,143
Currency Composition of Deposits and Securities
     US dollars 20,645
     Euro 5,620
     Yen 547
     Other          6
     Total 26,818
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1 month 1-3 months 3-12 months Total
Foreign currency securities5 Principal -1,626 -1,608 -2,061 -5,295
Interest -119 -223 -1,423 -1,765
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -661 -855 0 -1,516
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar       30        0         0        30
Total net drains -2,376 -2,686 -3,484 -8,546
Additional Items (Nominal Value)
Undrawn, unconditional credit lines
     With banks headquartered outside      Canada 6,000
Securities lent under repurchase agreements6
Securities held under repurchase agreements7 112
Financial derivatives assets (net, marked to market)8
     Forwards -1
     Swaps -529
Notes:

  1. There were no sales of gold in July. On July 31, gold holdings stood at 1.2 million ounces. The valuation is based on July 31, 2000, London p.m. fix of US$276.75 per ounce.

  2. During July, Canada bills decreased by US$299 million to a level of outstanding bills of US$3,711 million. Cross-currency swaps of domestic obligations raised US$125 million equivalent.

  3. "Return on investments" is comprised of US$112 million of interest earned on investments and a US$184 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" 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 September 6, 2000 (covering the period August 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:

Rob Stewart
Financial Markets Division
(613) 992-4468

Laurette Bergeron
Public Affairs and Operations Division
(613) 996-8080

Official International Reserves (10-Year Synopsis)
US
dollars		 Other
currencies		 Gold SDRs IMF
position		 Total
(millions of US dollars)
July 31, 2000 20,645 6,173 344 543 2,620 30,325
June 30, 2000 20,326 6,277 358 553 2,759 30,273
May 31, 2000 19,862 6,100 364 545 2,724 29,595
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
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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