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Archived - Official International Reserves: 2016-11

Ottawa, November 3, 2016

- All 2016 Official International Reserves -

The Department of Finance Canada announced today that Canada’s official international reserves decreased by an amount equivalent to US$812 million during October to US$83,383 million.

Details on the level and composition of Canada’s reserves as of October 31, 2016, 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

Millions of US dollars
Securities 63,705
Deposits 9,673
Total securities and deposits (liquid reserves): 73,378
Gold 0
Special drawing rights (SDRs) 7,735
Reserve position in the IMF 2,270
Total:
October 31, 2016 83,383
September 30, 2016 84,195
Net change: -812

Details on Deposits

Millions of US dollars
Other central banks/Bank for International Settlements 9,673
Banks headquartered in Canada 0
Of which: located abroad 0
Banks headquartered abroad 0
Of which: located in Canada 0
Total: 9,673

Details of Net Change

Millions of US dollars
Reserves management operations1 566
Gains and losses on gold sales 0
Net investment gains and losses:
Return on investments2 -451
Foreign currency debt charges -83
Revaluation effects3 -841
Net government operations4 -3
Official intervention 0
Other transactions 0
Net change: -812

Currency Composition of Deposits and Securities

Millions of US dollars
US dollars 52,682
Euro 14,789
Pound sterling 5,288
Yen 619
Total: 73,378

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)

Millions of US dollars
0-1 month 1-3 months 3-12 months Total
Foreign currency securities5:
Principal -1,492 -1,404 -6,999 -9,894
Interest -82 -206 -851 -1,139
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: -1,573 -1,610 -7,850 -11,033

Additional Information (Nominal Value)

Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements6 0
Securities held under repurchase agreements7 8,072
Financial derivatives assets (net, marked to market):
Forwards 30
Swaps -5,976

NOTES:

  1. 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$329.3 million to a level of outstanding bills of US$2,064.5 million. An equivalent of US$1,025 million in cross-currency swaps was raised while US$129.6 million in cross-currency swaps matured during the month.
  2. “Return on investments” comprises US$86 million of interest earned on investments and a US$537 million decrease in the market value of securities resulting from changes in interest rates.
  3. “Revaluation effects” reflect changes in the market value of reserve assets resulting from movements in exchange rates. In October, the revaluation effect was mainly due to the depreciation of the euro and the pound sterling.
  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.

Official International Reserves (10-Year Synopsis)

Millions of US dollars
Date US dollars Other currencies Gold SDRs IMF position Total
October 31, 2016 52,682 20,696 0 7,735 2,270 83,383
September 30, 2016 52,301 21,726 0 7,862 2,306 84,195
August 31, 2016 51,766 21,822 0 7,855 2,313 83,756
July 29, 2016 50,864 21,879 0 7,849 2,312 82,904
June 30, 2016 51,116 22,187 0 7,897 2,321 83,521
May 31, 2016 50,214 23,746 0 7,990 2,348 84,298
April 29, 2016 49,816 23,654 0 8,080 2,372 83,922
March 31, 2016 48,501 23,301 0 8,032 2,358 82,192
February 29, 2016 48,617 22,472 0 7,874 2,327 81,290
January 29, 2016 48,678 21,902 24 7,869 2,709 81,182
December 31, 2015 48,229 20,848 58 7,899 2,719 79,753
November 30, 2015 47,652 19,977 102 7,801 2,680 78,212
October 30, 2015 48,410 19,963 110 7,942 2,728 79,153
December 31, 2015 48,229 20,848 58 7,899 2,719 79,753
December 31, 2014 43,756 19,000 116 8,164 3,664 74,700
December 31, 2013 39,514 18,916 115 8,675 4,717 71,937
December 31, 2012 35,622 19,621 181 8,754 4,368 68,546
December 30, 2011 32,826 19,985 167 8,966 3,875 65,819
December 31, 2010 26,677 18,211 153 9,054 3,056 57,151
December 31, 2009 23,879 18,723 119 9,212 2,424 54,357
December 31, 2008 22,804 18,733 95 991 1,249 43,872
December 31, 2007 19,257 20,057 91 1,015 661 41,081
December 31, 2006 15,608 17,590 69 963 833 35,063
December 31, 2005 16,842 13,822 56 897 1,401 33,018

The next release is December 5, 2016 (covering the period of November 2016).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2015 – March 31, 2016.

Media Relations
Department of Finance Canada
613-369-4000

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