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Release at 8:15 a.m. EDT Ottawa, June 3, 2005 2005-039 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$567 million during May to US$35,034 million.
Details on the level and composition of Canada’s reserves as of May 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 |
29,210 |
Deposits |
2,058 |
Total securities and
deposits (liquid reserves) |
31,268 |
Gold1 |
45 |
Special drawing
rights (SDRs) |
904 |
Reserve position in
the IMF |
2,817 |
Total: |
May 31, 2005 |
35,034 |
|
April 30, 2005 |
35,601 |
Net change |
-567 |
Details on
Deposits |
Other central banks/Bank for
International Settlements |
552 |
Banks headquartered
in Canada |
0 |
Of which:
located abroad |
0 |
|
Banks headquartered
abroad |
1,506 |
Of which:
located in Canada |
0 |
_____ |
Total |
2,058 |
|
Details of Net Change |
|
Reserves management
operations2 |
76 |
Gains and losses on gold
sales |
0 |
Net investment gains and
losses |
|
Return on
investments3 |
161 |
Foreign currency
debt charges |
-55 |
Revaluation
effects4 |
-749 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
|
|
Net change |
-567 |
Currency
Composition of Deposits and Securities |
|
|
US dollars |
16,786
|
Euro |
13,448
|
Yen |
1,031
|
Other |
3
|
Total
|
31,268
|
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value)6 |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency
securities7 |
Principal |
-1,037 |
-2,284 |
-3,963 |
-7,284 |
Interest |
-244 |
-210 |
-771 |
-1,225 |
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 |
-1,281 |
-2,494 |
-4,734 |
-8,509 |
|
Additional
Information (Nominal Value) |
Undrawn,
unconditional credit lines with banks headquartered outside Canada |
6,000 |
|
|
Securities lent
under repurchase agreements8 |
-2,980 |
|
|
Securities held
under repurchase agreements9 |
203 |
|
|
Financial
derivatives assets (net, marked to market) |
|
|
|
Forwards
|
0 |
|
|
Swaps
|
958 |
|
|
|
Notes:
1. There were no sales of gold settled in May. On May 31, gold
holdings stood at 0.1 million ounces. The valuation is based on
the May 31, 2005, London p.m. fix of US$414.45 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 May, Canada
bills decreased by US$174 million to a level of outstanding bills
of US$1,977 million. Cross-currency swaps of domestic obligations
raised US$250 million.
3. "Return on investments" comprises US$96 million of interest earned on investments and a US$65-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 May, the negative revaluation effect was mainly due to
the depreciation 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. 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.
7. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. 8. "Securities lent under repurchase agreements" are
included in total reserves. Collateral provided in
securities-lending transactions is not included in total reserves.
9. 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 July 6, 2005 (covering the period June 2005).
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) |
May 31, 2005 |
16,786 |
14,482 |
45 |
904 |
2,817 |
35,034 |
April 30, 2005 |
16,419 |
15,043 |
47 |
916 |
3,176 |
35,601 |
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 |
14,427 |
15,740 |
48 |
925 |
3,327 |
34,467 |
November 30, 2004 |
14,113 |
15,663 |
49 |
912 |
3,334 |
34,071 |
October 31, 2004 |
17,271 |
15,001 |
46 |
880 |
3,262 |
36,460 |
September 30, 2004 |
17,527 |
14,633 |
45 |
862 |
3,198 |
36,265 |
August 31, 2004 |
17,022 |
14,623 |
44 |
857 |
3,345 |
35,891 |
July 31, 2004 |
16,747 |
14,299 |
43 |
845 |
3,267 |
35,201 |
June 30, 2004 |
16,646 |
14,545 |
43 |
849 |
3,335 |
35,418 |
May 31, 2004 |
16,358 |
15,315 |
43 |
851 |
3,411 |
35,978 |
|
Dec. 31, 2003 |
15,576 |
15,961 |
45 |
838 |
3,848 |
36,268 |
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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