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Release at 8:15 a.m. EDT
Ottawa, April 5, 2004
2004-028
Official International Reserves
- Official
International Reserves 2004 -
The Department of Finance announced today that Canada’s official
international reserves increased by an amount equivalent to US$429 million
during March to US$36,412 million.
Details on the level and composition of Canada’s reserves as of March
31, 2004, 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 |
30,043 |
Deposits |
1,874 |
Total securities and deposits (liquid reserves) |
31,917 |
Gold1 |
46 |
Special drawing rights (SDRs) |
847 |
Reserve position in the IMF |
3,602 |
Total: |
March 31, 2004 |
36,412 |
|
February 29, 2004 |
35,983 |
Net change |
429 |
Details on Deposits |
|
Other central banks/Bank for
International Settlements |
473 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0
|
|
Banks headquartered abroad |
1,401 |
Of which: located in Canada |
200 |
|
Total |
1,874 |
|
Details of Net Change |
|
Reserves management operations2 |
444 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
267 |
Foreign currency debt charges |
-120 |
Revaluation effects4 |
-162 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
Net change |
429 |
Currency Composition of Deposits
and Securities |
|
US dollars |
16,194 |
Euro |
14,641 |
Yen |
1,074 |
Other |
8 |
Total |
31,917 |
|
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 |
-1,618 |
-1,612 |
-4,835 |
-8,065 |
Interest |
-63 |
-298 |
-804 |
-1,165 |
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 |
-1,681 |
-1,910 |
-5,639 |
-9,230 |
|
Additional Information (Nominal Value) |
Undrawn, unconditional credit lines
with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements8 |
-2,066 |
|
|
Securities held under repurchase
agreements9 |
404 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
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Forwards
|
0 |
|
|
Swaps
|
404 |
|
|
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Notes:
1. There were no sales of gold settled in March. On March 31,
gold holdings stood at 0.1 million ounces. The valuation is
based on the March 31, 2004, London p.m. fix of US$423.70 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 March
Canada bills increased by US$544 million to a level of
outstanding bills of US$2,566 million. A total of US$100 million
equivalent in cross-currency swaps matured.
3. "Return on investments" comprises US$93 million of
interest earned on investments and a US$174-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.
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.
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Future Release Dates
The next release is May 5, 2004 (covering the period April 2004).
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:
Sandra Lavoratore
Financial Markets Division
(613) 947-3919
|
Andrée Houde
Public Affairs and Operations Division
(613) 996-8080 |
For further information on the Exchange Fund Account, please consult
the 2002 Annual Report to Parliament on the Operations of the
Exchange Fund Account by the Minister of Finance and Report of the Auditor
General to the Minister of Finance on the Examination of the Accounts and
Financial Statements of the Exchange Fund Account, located at www.fin.gc.ca/purl/efa-e.html.
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) |
March 31, 2004 |
16,194 |
15,723 |
46 |
847 |
3,602 |
36,412 |
February 29, 2004 |
15,546 |
15,842 |
43 |
847 |
3,705 |
35,983 |
January 31, 2004 |
15,685 |
15,968 |
44 |
835 |
3,836 |
36,368 |
December 31, 2003 |
15,576 |
15,961 |
45 |
838 |
3,848 |
36,268 |
November 30, 2003 |
15,879 |
15,365 |
69 |
812 |
3,968 |
36,093 |
October 31, 2003 |
16,145 |
14,902 |
67 |
795 |
3,947 |
35,856 |
September 30, 2003 |
16,382 |
15,464 |
67 |
794 |
3,971 |
36,678 |
August 31, 2003 |
16,134 |
14,541 |
65 |
765 |
3,785 |
35,290 |
July 31, 2003 |
15,967 |
14,831 |
110 |
761 |
4,096 |
35,765 |
June 30, 2003 |
16,207 |
15,469 |
107 |
766 |
4,150 |
36,699 |
May 31, 2003 |
16,652 |
16,044 |
153 |
777 |
3,797 |
37,423 |
April 30, 2003 |
16,587 |
15,045 |
142 |
745 |
3,744 |
36,263 |
March 31, 2003 |
16,501 |
14,754 |
170 |
739 |
3,762 |
35,926 |
|
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 |
Dec. 31, 1993 |
9,950 |
521 |
292 |
1,064 |
949 |
12,776 |
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