News Release Article from  Department of Finance Canada

Official International Reserves - February 3, 2017

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$2,065 million during January to US$84,783 million.

Details on the level and composition of Canada's reserves as of January 31, 2017, 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 62,385
Deposits 12,542

Total securities and deposits (liquid reserves): 74,927
Gold 0
Special drawing rights (SDRs) 7,660
Reserve position in the IMF 2,196

Total:  
  January 31, 2017 84,783
  December 30, 2016 82,718

Net change: 2,065
Details on Deposits
 Millions of US dollars
Other central banks/Bank for International Settlements 12,542
Banks headquartered in Canada 0
  Of which: located abroad 0
Banks headquartered abroad 0
  Of which: located in Canada 0

Total: 12,542
Details of Net Change
 Millions of US dollars
Reserves management operations1 1,696
Gains and losses on gold sales 0
Net investment gains and losses:  
  Return on investments2 -72
  Foreign currency debt charges -125
  Revaluation effects3 566
Net government operations4 0
Official intervention 0
Other transactions 0

Net change: 2,065
Currency Composition of Deposits and Securities
 Millions of US dollars
US dollars 53,257
Euro 15,286
Pound sterling 5,809
Yen 575

Total: 74,927
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  Millions of US dollars
 
 0-1 month1-3 months3-12 monthsTotal
Foreign currency securities5:        
  Principal -4,130 -1,192 -4,526 -9,849
  Interest -111 -185 -851 -1,147
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar 0 -200 0 -200
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar 0 0 0 0

Total net drains: -4,241 -1,577 -5,377 -11,196
Additional Information (Nominal Value)
 Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Securities lent under repurchase agreements6 -82
Securities held under repurchase agreements7 11,527
Financial derivatives assets (net, marked to market):  
  Forwards -20
  Swaps -4,255

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 January, Canada bills increased by US$628.9 million to a level of outstanding bills of US$2,563.9 million. An equivalent of US$1,292 million in cross-currency swaps was raised while US$275 million in cross-currency swaps matured during the month. In addition, an equivalent of US$200 million in foreign exchange swaps was transacted during the month. A total of US$250 million in medium-term notes was issued while US$400 million in medium-term notes matured during the month.
  2. "Return on investments" comprises US$84 million of interest earned on investments and a US$156 million decrease in the market value of securities.
  3. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In January, the revaluation effect was mainly due to the appreciation 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
 
DateUS dollarsOther currenciesGoldSDRsIMF positionTotal
January 31, 2017 53,257 21,670 0 7,660 2,196 84,783
December 30, 2016 52,496 20,453 0 7,578 2,191 82,718
November 30, 2016 53,110 20,181 0 7,633 2,206 83,130
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 30, 2016 52,496 20,453 0 7,578 2,191 82,718
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

Future Release Dates

The next release is March 3, 2017 (covering the period of February 2017).

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.

For further information, media may contact:

Media Relations
Department of Finance Canada
613-369-4000


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