Archived - REVISED - Official International Reserves: January 2014

Ottawa, January 6, 2014

Note #2 revised below.

- All 2014 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$101 million during December to US$71,937 million.

Details on the level and composition of Canada’s reserves as of December 31, 2013, 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	57,457
Deposits	973

Total securities and deposits (liquid reserves):	58,430
Gold¹	115
Special drawing rights (SDRs)	8,675
Reserve position in the IMF	4,717

Total:
December 31, 2013	71,937
November 29, 2013	72,038

Net change:	-101

Details on Deposits

	millions of US dollars
Other central banks/Bank for International Settlements	973
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0

Total:	973

Details of Net Change

	millions of US dollars
Reserves management operations²	120
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments³	-432
Foreign currency debt charges	-81
Revaluation effects⁴	293
Net government operations⁵	0
Official intervention	0
Other transactions	-1

Net change:	-101

Currency Composition of Deposits and Securities

	millions of US dollars
US dollars	39,514
Euro	18,637
Yen	279

Total:	58,430

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 securities⁶:
Principal	-306	-1,746	-7,152	-9,204
Interest	-141	-181	-891	-1,214
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar	-107	-99	0	-207
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0

Total net drains:	-555	-2,027	-8,043	-10,625

Additional Information (Nominal Value)

	millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Securities lent under repurchase agreements⁷	0
Securities held under repurchase agreements⁸	621
Financial derivatives assets (net, marked to market):
Forwards	-8
Swaps	-793

NOTES:

On behalf of the Government of Canada, the Royal Canadian Mint sold 1,688 ounces of gold coins for settlement in December. On December 31, gold holdings stood at 95,986 ounces. The valuation is based on the December 31, 2013, London a.m. fix of US$1,201.50 per ounce.
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 December, Canada bills decreased by US$129.5 million to a level of outstanding bills of US$2,082.7 million. An equivalent of US$99.3 million in foreign exchange swaps were transacted and a total of US$150 million in medium-term notes was issued during the month.
“Return on investments” comprises US$103 million of interest earned on investments and a US$535 million decrease in the market value of securities resulting from changes in interest rates.
“Revaluation effects” reflect changes in the market value of reserve assets resulting from movements in exchange rates. In December, the revaluation effect was mainly due to the appreciation of the euro.
“Net government operations” are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
“Foreign currency securities” include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
“Securities lent under repurchase agreements” are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
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
December 31, 2013	39,514	18,916	115	8,675	4,717	71,937
November 29, 2013	39,852	18,813	122	8,648	4,603	72,038
October 31, 2013	39,152	18,821	130	8,663	4,731	71,497
September 30, 2013	39,190	18,656	130	8,641	4,775	71,392
August 30, 2013	38,667	17,938	139	8,583	4,601	69,928
July 31, 2013	38,392	18,066	133	8,571	4,595	69,757
June 28, 2013	38,090	17,634	121	8,528	4,513	68,886
May 31, 2013	38,787	18,868	142	8,499	4,399	70,695
April 30, 2013	39,200	19,286	150	8,594	4,405	71,635
March 31, 2013	38,253	18,860	165	8,534	4,396	70,208
February 28, 2013	37,049	19,115	166	8,629	4,399	69,358
January 31, 2013	35,772	19,668	179	8,779	4,492	68,890
December 31, 2012	35,622	19,621	181	8,754	4,368	68,546

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
December 31, 2004	14,426	15,740	48	925	3,327	34,466
December 31, 2003	15,575	15,961	45	838	3,848	36,267