Padgett Business Services, the Small Biz Pros, provides professional small business accounting, tax preparation, bookkeeping, and payroll processing services in London in the province of Ontario, Canada.

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QUALITY RELATIONSHIPS BREED SUCCESS

Integrity - This essential quality of our relationship will allow you to focus on what's most important: building and growing your business.

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Articles

Official International Reserves

2011-05-04

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$2,412 million during April to US$63,018 million.

Details on the level and composition of Canada’s reserves as of April 29, 2011, 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
Securities 48,900
Deposits     575
Total securities and deposits (liquid reserves) 49,475
   
Gold1 167
Special drawing rights (SDRs) 9,532
Reserve position in the IMF 3,844
Total: April 29, 2011 63,018
  March 31, 2011 60,606
Net change 2,412
Details on Deposits
Other central banks/Bank for
 International Settlements		 475
Banks headquartered in Canada 0
  Of which: located abroad 0  
Banks headquartered abroad 100
  Of which: located in Canada 0        
Total 575
Details of Net Change
Reserves management operations2 953
Gains and losses on gold sales 0
Net investment gains and losses  
   Return on investments3 386
   Foreign currency debt charges -66
   Revaluation effects4 1,139
Net government operations5 0
Official intervention 0
Other transactions          0
Net change 2,412
Currency Composition of Deposits and Securities
US dollars 29,806
Euro 19,485
Yen      184
Total 49,475

 

Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
  0-1 month 1-3 months 3-12 months Total
Foreign currency securities6 Principal -729 -2,374 -1,910 -5,013
Interest -67 -490 -791 -1,347
Aggregate short forward
  positions in foreign     
  currencies vis-à-vis
 Canadian dollar		 0 -137 0 -137
Aggregate long forward
 positions in foreign
 currencies vis-à-vis
 Canadian dollar		          0          0          0          0
Total net drains -795 -3,001 -2,701 -6,497
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with    
  banks headquartered outside Canada		 0    
Securities lent under repurchase agreements7 0    
Securities held under repurchase agreements8 383    
Financial derivatives assets (net, marked to market)      
   Forwards -89    
   Swaps 5,883    
Notes:

1. There were no sales of gold settled in April. On April 29, gold holdings stood at 0.1 million ounces. The valuation is based on the April 29, 2011, London p.m. fix of US$1,536 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 April, Canada bills increased by US$2.3 million to a level of outstanding bills of US$1,962.4 million. A total of US$1,305.1 million of cross-currency swaps of domestic obligations were raised. In addition, an equivalent of US$353.9 million in foreign exchange swaps matured during the month.

3. "Return on investments" comprises US$111 million of interest earned on investments and a US$275-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 April, 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.

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