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Release at 8:15 a.m. EST
Ottawa, January 5, 2006
2006-001
Official International Reserves
- Official
International Reserves 2005 -
The Department of Finance announced today that Canada’s official
international reserves decreased by an amount equivalent to US$1,181 million
during December to US$33,018 million.
Details on the level and composition of Canada’s reserves as of
December 31, 2005, 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 |
26,741 |
Deposits |
3,923 |
Total securities and deposits (liquid
reserves) |
30,664 |
Gold1 |
56 |
Special drawing rights (SDRs) |
897 |
Reserve position in the IMF |
1,401 |
Total: |
December 31, 2005 |
33,018 |
|
November 30, 2005 |
34,199 |
Net change |
-1,181 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements |
1,699 |
Banks headquartered in Canada |
0 |
Of which: located
abroad |
0 |
|
Banks headquartered abroad |
2,224 |
Of which: located in
Canada |
0 |
___ |
Total |
3,923 |
|
Details of Net Change |
|
Reserves management operations2 |
-1,145 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
107 |
Foreign currency debt
charges |
-228 |
Revaluation effects4 |
86 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
-1 |
Net change |
-1,181 |
|
Currency Composition of Deposits and
Securities |
|
|
US dollars |
16,842 |
Euro |
12,878 |
Yen |
941 |
Other |
3 |
Total |
30,664 |
|
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value)7 |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency securities8 |
|
Principal |
-1,662 |
-1,188 |
-2,121 |
-4,971 |
|
Interest |
-4 |
-140 |
-1,094 |
-1,238 |
Aggregate short forward positions in
foreign
currencies vis-à-vis Canadian dollar |
0 |
0 |
0 |
0 |
Aggregate long forward positions in
foreign
currencies vis-à-vis Canadian dollar |
0 |
0 |
0 |
0 |
Total net drains |
-1,666 |
-1,328 |
-3,215 |
-6,209 |
Additional Information (Nominal
Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements9 |
2,736 |
|
|
Securities held under repurchase
agreements10 |
1,026 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
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Forwards |
0 |
|
|
Swaps |
2,607 |
|
|
|
Notes:
1. There were no sales of gold settled in December. On December 31,
gold holdings stood at 0.1 million ounces. The valuation is based on
the December 30, 2005, London a.m. fix of US$513.00 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 increased
by US$340 million to a level of outstanding bills of US$2,177 million.
Cross-currency swaps of domestic obligations raised an equivalent of
US$422 million, and a total of US$1,907 million equivalent in
cross-currency swaps matured.
3. "Return on investments" comprises US$79 million of
interest earned on investments and a US$28-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
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. Related to securities assumed by the Government of Canada,
following the privatization of Petro-Canada in July 1991, and the
subsequent dissolution of Petro-Canada Limited in 2001.
7. Predetermined short-term drains include the Government’s
contractual obligations in foreign currencies related to payments of
principal and interest associated with securities and commitments
under swaps and forward contracts coming due during the next 12
months.
8. "Foreign currency securities" include maturities of
foreign currency debt, cross-currency swap payments and an estimate of
interest payments on foreign currency liabilities.
9. "Securities lent under repurchase agreements" are
included in total reserves. Collateral provided in securities-lending
transactions is not included in total reserves.
10. Cash invested under repurchase agreements is included in total
reserves. Collateral provided in securities-lending transactions is
not included in total reserves. |
Future Release Dates
The next release is February 3, 2006 (covering the period January 2006).
A list of upcoming release dates is posted on the Department of Finance
website located at www.fin.gc.ca/invest_x/releaseDates_e.asp.
___________________
For further information:
Sandra Lavoratore
Financial Markets Division
(613) 947-3919
|
David Gamble
Public Affairs and Operations Division
(613) 996-8080 |
For further information on the Exchange Fund Account, please consult the
2004 Report on the Management of Canada’s Official International
Reserves, located at www.fin.gc.ca/toce/2005/oir05_e.html.
If you would like to receive automatic e-mail notification of all news
releases, please visit the Department of Finance Canada website at www.fin.gc.ca/scripts/register_e.asp.
Official International Reserves (10-Year Synopsis)
|
|
US dollars |
Other currencies |
Gold |
SDRs |
IMF position |
Total |
|
|
(millions of US dollars) |
December 31, 2005 |
16,842 |
13,822 |
56 |
897 |
1,401 |
33,018 |
November 30, 2005 |
16,646 |
14,566 |
54 |
894 |
2,039 |
34,199 |
October 31, 2005 |
16,909 |
14,214 |
51 |
898 |
2,142 |
34,214 |
September 30, 2005 |
16,725 |
13,824 |
52 |
900 |
2,098 |
33,599 |
August 31, 2005 |
16,878 |
14,354 |
47 |
907 |
2,113 |
34,299 |
July 31, 2005 |
16,241 |
14,050 |
47 |
890 |
2,101 |
33,329 |
June 30, 2005 |
17,303 |
14,196 |
48 |
893 |
2,484 |
34,924 |
May 31, 2005 |
16,785 |
14,483 |
45 |
904 |
2,817 |
35,034 |
April 30, 2005 |
16,419 |
15,045 |
47 |
916 |
3,176 |
35,603 |
March 31, 2005 |
17,080 |
15,043 |
47 |
916 |
3,164 |
36,250 |
February 28, 2005 |
15,947 |
15,434 |
47 |
925 |
3,208 |
35,561 |
January 31, 2005 |
15,138 |
15,246 |
46 |
905 |
3,255 |
34,590 |
December 31, 2004 |
14,426 |
15,740 |
48 |
925 |
3,327 |
34,466 |
|
Dec. 31, 2003 |
15,575 |
15,961 |
45 |
838 |
3,848 |
36,267 |
Dec. 31, 2002 |
17,946 |
14,739 |
205 |
712 |
3,567 |
37,169 |
Dec. 31, 2001 |
19,748 |
10,736 |
291 |
614 |
2,859 |
34,248 |
Dec. 31, 2000 |
21,692 |
7,327 |
323 |
574 |
2,508 |
32,424 |
Dec. 31, 1999 |
18,838 |
5,594 |
524 |
526 |
3,164 |
28,646 |
Dec. 31, 1998 |
15,907 |
4,004 |
122 |
1,097 |
2,297 |
23,427 |
Dec. 31, 1997 |
14,630 |
492 |
146 |
1,126 |
1,575 |
17,969 |
Dec. 31, 1996 |
17,521 |
507 |
155 |
1,168 |
1,227 |
20,578 |
Dec. 31, 1995 |
12,127 |
502 |
178 |
1,177 |
1,243 |
15,227 |
Dec. 31, 1994 |
9,693 |
526 |
199 |
1,148 |
910 |
12,475 |
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