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Release at 8:15 a.m. EST
Ottawa, November 3, 2004
2004-067
Official International Reserves
- Official International Reserves 2004 -
The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$197 million during October to US$36,457 million.
Details on the level and composition of Canada’s reserves as of October 31, 2004, 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.
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| Foreign Currency Reserves | |||
| Securities | 30,388 | ||
| Deposits | 1,881 | ||
| Total securities and deposits (liquid reserves) | 32,269 | ||
| Gold1 | 46 | ||
| Special drawing rights (SDRs) | 880 | ||
| Reserve position in the IMF | 3,262 | ||
| Total: | October 31, 2004 | 36,457 | |
| September 30, 2004 | 36,260 | ||
| Net change | 197 | ||
| Details on Deposits | |||
| Other central banks/Bank for International Settlements | 380 | ||
| Banks headquartered in Canada | 0 | ||
| Of which: located abroad | 0 | ||
| Banks headquartered abroad | 1,501 | ||
| Of which: located in Canada | 0 | _____ | |
| Total | 1,881 | ||
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| Details of Net Change | |
| Reserves management operations2 | -371 |
| Gains and losses on gold sales | 0 |
| Net investment gains and losses | |
| Return on investments3 | 183 |
| Foreign currency debt charges | -126 |
| Revaluation effects4 | 511 |
| Net government operations5 | 0 |
| Official intervention | 0 |
| Other transactions | 0 |
| Net change | 197 |
| Currency Composition of Deposits and Securities | |
| US dollars | 17,267 |
| Euro | 13,941 |
| Yen | 1,057 |
| Other | 4 |
| Total | 32,269 |
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| Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)6 | |||||
| 0-1 month |
1-3 months |
3-12 months |
Total | ||
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| Foreign currency securities7 | Principal | -3,490 | -1,217 | -3,039 | -7,746 |
| Interest | -117 | -199 | -897 | -1,213 | |
| 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 | -3,607 | -1,416 | -3,936 | -8,959 | |
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| Additional Information (Nominal Value) | |||||
| Undrawn, unconditional credit lines with banks headquartered outside Canada |
6,000 | ||||
| Securities lent under repurchase agreements8 | -2,442 | ||||
| Securities held under repurchase agreements9 | 100 | ||||
| Financial derivatives assets (net, marked to market) | |||||
| Forwards | 0 | ||||
| Swaps | -1,314 | ||||
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| Notes:
1. There were no sales of gold settled in October. On October 31, gold holdings stood at 0.1 million ounces. The valuation is based on the October 29, 2004, London p.m. fix of US$425.55 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 October Canada bills decreased by US$168 million to a level of outstanding bills of US$1,513 million. Cross-currency swaps of domestic obligations raised US$150 million, and a total of US$353 million equivalent in cross-currency swaps matured.3. "Return on investments" comprises US$95 million of interest earned on investments and a US$88-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 October the appreciation 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. |
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Future Release Dates
The next release is December 3, 2004 (covering the period November 2004).
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.
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For further information:
| Sandra Lavoratore Financial Markets Division (613) 947-3919 |
David Gamble Public Affairs and Operations Division (613) 996-8080 |
For further information on the Exchange Fund Account, please consult the 2003 Report on the Management of Canada’s Official International Reserves, located at http://www.fin.gc.ca/toce/2004/oir04_e.html .
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp.
Official International Reserves (10-Year Synopsis)
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US |
Other |
Gold |
SDRs |
IMF |
Total |
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(millions of US dollars) |
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October 31, 2004 |
17,267 |
15,002 |
46 |
880 |
3,262 |
36,457 |
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September 30, 2004 |
17,522 |
14,633 |
45 |
862 |
3,198 |
36,260 |
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August 31, 2004 |
17,018 |
14,623 |
44 |
857 |
3,345 |
35,887 |
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July 31, 2004 |
16,744 |
14,299 |
43 |
845 |
3,267 |
35,198 |
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June 30, 2004 |
16,644 |
14,545 |
43 |
849 |
3,335 |
35,416 |
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May 31, 2004 |
16,356 |
15,315 |
43 |
851 |
3,411 |
35,976 |
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April 30, 2004 |
15,712 |
15,112 |
42 |
832 |
3,415 |
35,113 |
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March 31, 2004 |
16,194 |
15,723 |
46 |
847 |
3,602 |
36,412 |
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February 29, 2004 |
15,546 |
15,842 |
43 |
847 |
3,705 |
35,983 |
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January 31, 2004 |
15,685 |
15,968 |
44 |
835 |
3,836 |
36,368 |
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December 31, 2003 |
15,576 |
15,961 |
45 |
838 |
3,848 |
36,268 |
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November 30, 2003 |
15,879 |
15,365 |
69 |
812 |
3,968 |
36,093 |
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October 31, 2003 |
16,145 |
14,902 |
67 |
795 |
3,947 |
35,856 |
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Dec. 31, 2002 |
17,946 |
14,739 |
205 |
712 |
3,567 |
37,169 |
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Dec. 31, 2001 |
19,748 |
10,736 |
291 |
614 |
2,859 |
34,248 |
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Dec. 31, 2000 |
21,692 |
7,327 |
323 |
574 |
2,508 |
32,424 |
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Dec. 31, 1999 |
18,838 |
5,594 |
524 |
526 |
3,164 |
28,646 |
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Dec. 31, 1998 |
15,907 |
4,004 |
122 |
1,097 |
2,297 |
23,427 |
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Dec. 31, 1997 |
14,630 |
492 |
146 |
1,126 |
1,575 |
17,969 |
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Dec. 31, 1996 |
17,521 |
507 |
155 |
1,168 |
1,227 |
20,578 |
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Dec. 31, 1995 |
12,127 |
502 |
178 |
1,177 |
1,243 |
15,227 |
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Dec. 31, 1994 |
9,693 |
526 |
199 |
1,148 |
910 |
12,475 |
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Dec. 31, 1993 |
9,950 |
521 |
292 |
1,064 |
949 |
12,776 |
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| Last Updated: 2004-11-03 |
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