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Release at 8:15 a.m. EDT
Ottawa, September 3, 2004
2004-046
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$689 million
during August to US$35,887 million.
Details on the level and composition of Canada’s reserves as of
August 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 |
29,513 |
Deposits |
2,128 |
Total securities and deposits (liquid reserves) |
31,641 |
Gold1 |
44 |
Special drawing rights (SDRs) |
857 |
Reserve position in the IMF |
3,345 |
Total: |
August 31, 2004 |
35,887 |
|
July 31, 2004 |
35,198 |
Net change |
689 |
Details on Deposits |
|
Other central banks/Bank for International Settlements |
627 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0 |
|
Banks headquartered abroad |
1,501 |
Of which: located in Canada |
0 |
|
Total |
2,128 |
Details of Net Change |
|
Reserves management operations2 |
256 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
268 |
Foreign currency debt charges |
-24 |
Revaluation effects4 |
194 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
-5 |
Net change |
689 |
Currency Composition of Deposits and Securities |
|
US dollars |
17,018 |
Euro |
13,593 |
Yen |
1,028 |
Other |
2 |
Total |
31,641 |
|
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 |
-1,050 |
-4,138 |
-2,511 |
-7,699 |
|
Interest |
-81 |
-238 |
-849 |
-1,168 |
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 |
-1,131 |
-4,376 |
-3,360 |
-8,867 |
Additional Information (Nominal Value) |
|
|
|
Undrawn, unconditional credit lines with banks headquartered
outside Canada |
6,000 |
|
|
Securities lent under repurchase agreements9 |
-2,403 |
|
|
Securities held under repurchase agreements10 |
201 |
|
|
Financial derivatives assets (net, marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
261 |
|
|
|
Notes:
1. There were no sales of gold settled in August. On
August 31, gold holdings stood at 0.1 million ounces. The
valuation is based on the August 31, 2004, London p.m. fix of
US$407.25 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 August Canada bills
increased by US$56 million to a level of outstanding bills of
US$1,725 million. Cross-currency swaps of domestic obligations
raised US$200 million.
3. "Return on investments” comprises US$96 million of
interest earned on investments and a US$172-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. Related to securities assumed by the Government of Canada on
February 5, 2001, on the dissolution of Petro-Canada Limited.
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 October 5, 2004 (covering the period
September 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 2003 Report on the Management of Canada’s Official
International Reserves, which is available on the Department of Finance
Canada Web site.
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) |
August 31, 2004 |
17,018 |
14,623 |
44 |
857 |
3,345 |
35,887 |
July 31, 2004 |
16,744 |
14,299 |
43 |
845 |
3,267 |
35,198 |
June 30, 2004 |
16,644 |
14,545 |
43 |
849 |
3,335 |
35,416 |
May 31, 2004 |
16,356 |
15,315 |
43 |
851 |
3,411 |
35,976 |
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 |
|
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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