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Canada Monetary Reserves Rise $344 Million in January from December

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02/05/2013 | 02:32pm CEST
     By Judy McKinnon 

Canada's official international reserves rose $344 million in January, the federal Finance Department reported.

At Jan. 31, the reserves of foreign currencies, gold and other monetary assets totaled $68.890 billion, up from $68.546 billion a month earlier.

All reserve figures are reported in U.S. funds.

The government reported no official intervention in the foreign-currency market in January. On behalf of the Government of Canada, the Royal Canadian Mint sold 1,300 ounces of gold coins for settlement in January, leaving month-end gold holdings at 107,700 ounces.

The finance department reported that the amount of Canada bills outstanding increased by $19.2 million to $2.151.4 billion at Jan. 31. Canada bills are short-term securities sold on the U.S. money market.

Canada's finance department said the foreign-currency reserves at Jan. 31 included: securities $55.103 billion, deposits $337 million, gold $179 million, special drawing rights $8.779 billion, reserve position in the International Monetary Fund $4.492 billion.

The $344 million net increase in the reserves in January involved:

-reserves management operations up $331 million;

-return on investments down $435 million;

-foreign-currency debt charges down $139 million;

-revaluation effects up $586 million;

-net government operations unchanged;

-no official intervention reported.

Currency composition of deposits and securities at Jan. 31 included: U.S. dollars $35.772 billion, Euro $19.348 billion, Yen $320 million.

Write to Judy McKinnon at [email protected]

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