Department of Finance of Canada : Official International Reserves - January 6, 2016

Ottawa, January 6, 2016

- All 2015 Official International Reserves -

The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$1,541 million during December to US$79,753 million.

Details on the level and composition of Canada's reserves as of December 31, 2015, 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.

Millions of US dollars
Securities	62,036
Deposits	7,041
Total securities and deposits (liquid reserves):	69,077
Gold	58
Special drawing rights (SDRs)	7,899
Reserve position in the IMF	2,719
Total:
December 31, 2015	79,753
November 30, 2015	78,212
Net change:	1,541

Millions of US dollars
Other central banks/Bank for International Settlements	7,041
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	7,041

Millions of US dollars
Reserves management operations	1,362
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments	-144
Foreign currency debt charges	-61
Revaluation effects	429
Net government operations	-44
Official intervention	0
Other transactions	-1
Net change:	1,541

Millions of US dollars
US dollars	48,229
Euro	15,575
Pound sterling	4,628
Yen	645
Total:	69,077

Millions of US dollars
0-1 month	1-3 months	3-12 months	Total
Foreign currency securities:
Principal	-1,672	-694	-3,882	-6,248
Interest	-117	-199	-837	-1,153
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar	-162	0	0	-162
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0
Total net drains:	-1,950	-893	-4,719	-7,563

Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Securities lent under repurchase agreements	0
Securities held under repurchase agreements	6,606
Financial derivatives assets (net, marked to market):
Forwards	39
Swaps	-8,096

NOTES:

1. The Government of Canada sold 41,106 ounces of gold coins for settlement in December. On December 31, gold holdings stood at 54,788 ounces. The valuation is based on the December 31, 2015, London a.m. fix of US$1,060 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 December, Canada bills decreased by US$229 million to a level of outstanding bills of US$2,496.1 million. An equivalent of US$1,556.7 million in cross-currency swaps was raised during the month. In addition, an equivalent of US$33.9 million in foreign exchange swaps was transacted.
3. 'Return on investments' comprises US$91 million of interest earned on investments and a US$235 million decrease 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 December, the revaluation effect was mainly due to the appreciation of the euro.
5. 'Net government operations' are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
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.

Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
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
September 30, 2015	48,105	19,538	107	7,916	2,770	78,436
August 31, 2015	48,429	18,654	109	7,916	2,745	77,853
July 31, 2015	48,211	18,100	105	7,837	2,728	76,981
June 30, 2015	47,376	18,254	112	7,902	2,751	76,395
May 29, 2015	48,533	18,073	114	7,813	2,736	77,269
April 30, 2015	48,718	18,318	113	7,902	2,792	77,843
March 31, 2015	49,215	17,844	114	7,751	2,757	77,681
February 27, 2015	45,039	18,511	116	7,927	3,175	74,768
January 30, 2015	44,915	18,413	121	7,944	3,444	74,837
December 31, 2014	43,756	19,000	116	8,164	3,664	74,700
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

Future Release Dates

The next release is February 3, 2016 (covering the period of January 2016).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves-April 1, 2013 - March 31, 2014.

To receive e-mail notification of all news releases, please register.

For further information, media may contact:

Jack Aubry
Media Relations
Department of Finance
613-369-4000

Stay connected: