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Release at 8:15 a.m. EDT Ottawa, August 6, 2002 2002-065 Official International Reserves - Official
International Reserves 2002 -
The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$780 million during July to US$36,410 million.
Details on the level and composition of Canada’s reserves as of July 31, 2002, 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 |
28,591 |
Deposits |
3,599 |
Gold1 |
262 |
Special drawing rights (SDRs) |
671 |
Reserve position in the IMF |
3,287 |
Total: |
July 31, 2002 |
36,410 |
|
June 30, 2002 |
37,190 |
Net change |
-780 |
Details on Deposits |
Other central banks/Bank for International Settlements |
596 |
Banks headquartered in Canada |
651 |
Of which: located abroad |
526 |
|
Banks headquartered abroad |
2,352 |
Of which: located in Canada |
701 |
_____ |
Total |
3,599 |
Details of Net Change | | Foreign currency debt2 |
-987 | Gains and losses on gold sales | 0 | Net investment gains and losses |
|
Return on investments3 |
413 |
Foreign currency debt charges |
-159 |
Revaluation effects4 |
-211 |
Net government operations5 |
171 |
Official intervention |
0 |
Other transactions6 |
-7 |
Net change |
-780 |
Currency Composition of Deposits and
Securities |
|
US dollars |
18,512 |
Euro |
12,727 |
Yen |
947 |
Other |
4 |
Total |
32,190 |
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value) |
|
0-1 month |
1-3 months |
3-12 months |
Total |
|
Foreign currency securities7 |
Principal |
-913 |
-2,219 |
-3,152 |
-6,284 |
Interest |
-96 |
-207 |
-964 |
-1,267 |
Aggregate short forward positions in foreign currencies
vis-à-vis Canadian dollar |
-430 |
-1,036 |
0 |
-1,466 |
Aggregate long forward positions in foreign currencies vis-à-vis
Canadian dollar |
0 |
0 |
0 |
0 |
Total net drains |
-1,439 |
-3,462 |
-4,116 |
-9,017 |
|
Additional Items (Nominal Value) |
Undrawn, unconditional credit lines with banks headquartered
outside Canada |
6,000 |
|
|
Securities lent under repurchase agreements8 |
-1,065 |
|
|
Securities held under repurchase agreements9 |
100 |
|
|
Financial derivatives assets (net, marked to market) |
|
|
|
Forwards |
41 |
|
|
Swaps |
-1,199 |
|
|
|
Notes:
-
There were no sales of gold settled in July. On July 31, gold
holdings stood at 0.9 million ounces. The valuation is based on the
July 31, 2002, London p.m. fix of US$304.65 per ounce.
-
During July
Canada bills decreased by US$87 million to a level of outstanding
bills of US$1,918 million. Cross-currency swaps of domestic
obligations raised US$100 million equivalent. A global bond of US$1
billion matured in July.
-
“Return on investments” comprises
US$107 million of interest earned on investments and a
US$306-million increase in the market value of securities resulting
from changes in interest rates.
-
“Revaluation effects” reflect
changes in the market value of reserve assets resulting from
movements in exchange rates.
-
“Net government operations” are the
net purchases of foreign currency for government foreign exchange
requirements and for additions to reserves.
-
Due to a decrease in the
reserve position in the IMF related to IMF lending operations.
-
“Foreign
currency securities” include maturities of foreign currency debt,
cross-currency swap payments and an estimate of interest payments on
foreign currency liabilities.
-
“Securities lent under repurchase
agreements” are included in total reserves. Collateral provided in
securities lending transactions is not included in total reserves.
-
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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Future Release Dates
The next release is September 5, 2002 (covering the period August 2002).
A list of upcoming release dates is posted on the Department of Finance Web site located at: www.fin.gc.ca/invest_x/releaseDates_e.asp.
___________________ For further information:
Nigel Stephens
Financial Markets Division
(613) 943-1944 |
Jean Michel Catta
Public Affairs and Operations Division
(613)
996-8080 |
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://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) |
July 31, 2002 |
18,512 |
13,678 |
262 |
671 |
3,287 |
36,410 |
June 30, 2002 |
19,078 |
13,753 |
274 |
675 |
3,410 |
37,190 |
May 31, 2002 |
19,019 |
12,889 |
281 |
655 |
2,832 |
35,676 |
April 30, 2002 |
18,858 |
12,393 |
266 |
632 |
2,807 |
34,956 |
March 31, 2002 |
18,495 |
11,679 |
288 |
621 |
2,946 |
34,029 |
February 28, 2002 |
19,051 |
11,308 |
284 |
619 |
2,918 |
34,180 |
January 31, 2002 |
19,147 |
10,767 |
297 |
607 |
2,826 |
33,644 |
December 31, 2001 |
19,748 |
10,736 |
291 |
614 |
2,859 |
34,248 |
November 30, 2001 |
20,067 |
10,670 |
305 |
619 |
2,924 |
34,585 |
October 31, 2001 |
20,479 |
10,520 |
308 |
610 |
3,038 |
34,955 |
September 30, 2001 |
20,017 |
10,187 |
335 |
616 |
3,064 |
34,219 |
August 31, 2001 |
21,658 |
9,874 |
312 |
615 |
2,571 |
35,030 |
July 31, 2001 |
21,619 |
9,012 |
309 |
588 |
2,276 |
33,804 |
|
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 |
Dec. 31, 1993 |
9,950 |
521 |
292 |
1,064 |
949 |
12,776 |
Dec. 31, 1992 |
7,864 |
1,518 |
478 |
1,039 |
1,010 |
11,909 |
Dec. 31, 1991 |
9,440 |
4,639 |
649 |
1,582 |
592 |
16,901 |
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