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Ottawa, October 4, 2000
2000-077

Official International Reserves

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$95 million during September to US$30,777 million.

Details on the level and composition of Canada's reserves as of September 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 22,899
Deposits 4,571
Gold1 324
Special drawing rights (SDRs) 554
Reserve position in the IMF 2,429
Total: September 30, 2000 30,777
August 31, 2000 30,682
Net change +95
Details of Net Change
Foreign currency debt2 -263
Gains and losses on gold sales 0
Net investment gains and losses
     Return on investments3 215
     Foreign currency debt charges -174
     Revaluation effects -64
Net government operations4 284
Official intervention5 97
Other transactions       -
Net change +95
Details on Deposits
Other central banks/Bank for International Settlements 766
Banks headquartered in Canada 300
     of which: located abroad 100
Banks headquartered abroad 3,505
     of which: located in Canada 300       
Total 4,571
Currency Composition of Deposits and Securities
     US dollars 21,163
     Euro 5,755
     Yen 545
     Other         7
Total 27,470
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month		 1-3
months		 3-12
months		 Total
Foreign currency securities 6 Principal -1,335 -1,387 -2,977 -5,699
Interest -78 -412 -1,252 -1,742
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar -511 -615 -360 -1,486
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar        0        0        0        0
Total net drains -1,924 -2,414 -4,589 -8,927
Additional Items (Nominal Value)
Undrawn, unconditional credit lines
     With banks headquartered outside Canada 6,000
Securities lent under repurchase agreements7 2,396
Securities held under repurchase agreements8 106
Financial derivatives assets (net, marked to market)
     Forwards -17
     Swaps -380
Notes:

  1. There were no sales of gold in September. On September 30, gold holdings stood at 1.2 million ounces. The valuation is based on September 30, 2000, London p.m. fix of US$273.65 per ounce.

  2. During September, Canada bills decreased by US$351 million to a level of outstanding bills of US$3,113 million. Cross-currency swaps of domestic obligations raised US$88 million equivalent.

  3. "Return on investments" comprises US$109 million of interest earned on investments and a US$106-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. "Official intervention" represents purchases of euro as part of Canada's participation in the G-7's concerted intervention in support of the euro currency.

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

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

  8. 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 November 3, 2000 (covering the period October 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

Jean-Michel Catta
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)
September 30, 2000 21,163 6,307 324 554 2,429 30,777
August 31, 2000 21,197 6,159 328 557 2,441 30,682
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
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
Last Updated: 2004-10-29

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