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![](/web/20061130010643im_/http://www.fin.gc.ca/images/clear.gif) |
Release at 8:15 a.m. EST
Ottawa, May 3, 2006
2006-014
Official International Reserves
- Official
International Reserves 2006 -
The Department of Finance announced today that Canada’s official
international reserves decreased by an amount equivalent to US$318 million
during April to US$35,716 million.
Details on the level and composition of Canada’s reserves as of
April 30, 2006, 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 |
29,606 |
Deposits |
4,051 |
Total securities and deposits
(liquid reserves) |
33,657 |
|
|
Gold1 |
70 |
Special drawing rights (SDRs) |
931 |
Reserve position in the IMF |
1,058 |
Total: |
April 30, 2006 |
35,716 |
|
March 31, 2006 |
36,034 |
|
|
Net change |
-318 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements |
464 |
Banks headquartered in Canada |
0 |
Of which: located
abroad |
0 |
|
Banks headquartered abroad |
3,587 |
Of which: located in
Canada |
0 |
___ |
Total |
4,051 |
|
Details of Net Change |
|
Reserves management operations2 |
-872 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on
investments3 |
29 |
Foreign
currency debt charges |
-85 |
Revaluation
effects4 |
610 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
0 |
Net change |
-318 |
|
Currency Composition of
Deposits and Securities |
US dollars |
18,660 |
Euro |
14,471 |
Yen |
526 |
|
|
Total |
33,657 |
|
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value) |
|
|
0-1
month |
1-3
months |
3-12
months |
Total |
Foreign currency securities7 |
Principal |
-1,487 |
-463 |
-2,577 |
-4,527 |
Interest |
-423 |
-129 |
-702 |
-1,254 |
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 |
-1,910 |
-592 |
-3,279 |
-5,781 |
Additional Information (Nominal
Value) |
|
|
|
|
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements8 |
-2,180 |
|
|
Securities held under repurchase
agreements9 |
2,288 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
2,890 |
|
|
|
Notes: |
- 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, 2006, London p.m. fix of US$644.00 per ounce.
- 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$1,551 million to a level of
outstanding bills of US$2,502 million. Cross-currency swaps of
domestic obligations raised an equivalent of US$679 million.
- "Return on investments" comprises US$89 million of
interest earned on investments and a US$60-million decrease 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. In April, the revaluation effect was mainly due to the
appreciation of the euro.
- "Net government operations" are the net purchases of
foreign currency for government foreign exchange requirements and
for additions to reserves.
- Related to securities assumed by the Government of Canada,
following the privatization of Petro-Canada in July 1991, and the
subsequent dissolution of Petro-Canada Limited in 2001.
- "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.
|
Future Release Dates
The next release is June 5, 2006 (covering the period May 2006).
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, media may contact:
Sandra Lavoratore
Financial Markets Division
Department of Finance
(613) 947-3919
|
David Gamble
Media Relations
Department of Finance
(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 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) |
April 30, 2006 |
18,660 |
14,997 |
70 |
931 |
1,058 |
35,716 |
March 31, 2006 |
20,204 |
13,812 |
63 |
917 |
1,038 |
36,034 |
February 28, 2006 |
16,707 |
13,974 |
61 |
908 |
1,034 |
32,684 |
January 31, 2006 |
16,813 |
14,135 |
62 |
907 |
1,042 |
32,959 |
December 31, 2005 |
16,842 |
13,822 |
56 |
897 |
1,401 |
33,018 |
November 30, 2005 |
16,646 |
14,566 |
54 |
894 |
2,039 |
34,199 |
October 31, 2005 |
16,909 |
14,214 |
51 |
898 |
2,142 |
34,214 |
September 30, 2005 |
16,725 |
13,824 |
52 |
900 |
2,098 |
33,599 |
August 31, 2005 |
16,878 |
14,354 |
47 |
907 |
2,113 |
34,299 |
July 31, 2005 |
16,241 |
14,050 |
47 |
890 |
2,101 |
33,329 |
June 30, 2005 |
17,303 |
14,196 |
48 |
893 |
2,484 |
34,924 |
May 31, 2005 |
16,785 |
14,483 |
45 |
904 |
2,817 |
35,034 |
April 30, 2005 |
16,419 |
15,045 |
47 |
916 |
3,176 |
35,603 |
|
Dec. 31, 2004 |
14,426 |
15,740 |
48 |
925 |
3,327 |
34,466 |
Dec. 31, 2003 |
15,575 |
15,961 |
45 |
838 |
3,848 |
36,267 |
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 |
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