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Release at 8:15 a.m. EDT
Ottawa, May 5, 2004
2004-034
Official International Reserves
- Official
International Reserves 2004 -
The Department of Finance announced today that Canada’s
official international reserves decreased by an amount equivalent to
US$1,299 million during April to US$35,113 million.
Details on the level and composition of Canada’s reserves
as of April 30, 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 |
29,039 |
Deposits |
1,785 |
Total securities and deposits (liquid reserves) |
30,824 |
Gold1 |
42 |
Special drawing rights (SDRs) |
832 |
Reserve position in the IMF |
3,415 |
Total: |
April 30, 2004 |
35,113 |
|
March 31, 2004 |
36,412 |
Net change |
-1,299 |
|
Details on Deposits |
Other central banks/Bank for International Settlements |
535 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0 |
|
Banks headquartered abroad |
1,250 |
Of which: located in Canada |
50 |
_____ |
Total |
1,785 |
Details of Net Change |
|
Reserves management operations2 |
-461 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
-235 |
Foreign currency debt charges |
-65 |
Revaluation effects4 |
-538 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
Net change |
-1,299 |
Currency Composition of Deposits and Securities |
US dollars |
15,712 |
Euro |
14,087 |
Yen |
1,013 |
Other |
12 |
Total |
30,824 |
|
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 |
-1,735 |
-702 |
-4,648 |
-7,085 |
|
Interest |
-296 |
-168 |
-718 |
-1,182 |
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 |
-2,031 |
-870 |
-5,366 |
-8,267 |
|
Additional Information (Nominal Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase agreements8 |
-1,870 |
|
|
Securities held under repurchase agreements9 |
311 |
|
|
Financial derivatives assets (net, marked to market) |
|
|
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Forwards |
0 |
|
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Swaps |
-336 |
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Notes:
1. There were no sales of gold settled in April. On
April 30, gold holdings stood at 0.1 million ounces. The valuation is
based on the April 30, 2004, London p.m. fix of US$388.50 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 April Canada
bills decreased by US$961 million to a level of outstanding bills of
US$1,605 million. Cross-currency swaps of domestic obligations raised
a total of US$500 million.
3. "Return on investments" comprises US$89
million of interest earned on investments and a US$324-million
decrease 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. |
Future Release Dates
The next release is June 3, 2004 (covering the period May
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) |
April 30, 2004 |
15,712 |
15,112 |
42 |
832 |
3,415 |
35,113 |
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 |
|
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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