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Release at 8:15 a.m. EDT
Ottawa, August 3, 2006
2005-037
Official International Reserves
- Official
International Reserves 2006 -
The Department of Finance announced today that Canada’s official
international reserves increased by an amount equivalent to US$479 million
during July to US$36,395 million.
Details on the level and composition of Canada’s reserves as of July
31, 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 |
30,518 |
Deposits |
3,770 |
Total securities and deposits (liquid reserves) |
34,288 |
Gold1 |
69 |
Special drawing rights (SDRs) |
942 |
Reserve position in the IMF |
1,096 |
Total: |
July 31, 2006 |
36,395 |
|
June 30, 2006 |
35,916 |
Net change |
479 |
|
Details on Deposits |
|
Other central banks/Bank for
International Settlements |
625 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0 |
|
Banks headquartered abroad |
3,145 |
Of which: located in Canada |
0 |
______ |
Total
|
3,770 |
|
Details of Net Change |
|
Reserves management operations2 |
372 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
250 |
Foreign currency debt charges |
-135 |
Revaluation effects4 |
-8 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
Net change |
479 |
|
Currency Composition of Deposits and Securities |
|
US dollars |
17,716 |
Euro |
16,049 |
Yen |
523 |
Total
|
34,288 |
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value) |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency securities6 |
Principal |
-1,608 |
-1,427 |
-1,824 |
-4,859 |
Interest |
-36 |
-206 |
-1,179 |
-1,421 |
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 |
-1,644 |
-1,633 |
-3,003 |
-6,280 |
Additional Information (Nominal Value) |
|
|
|
|
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase agreements7 |
-2,460 |
|
|
Securities held under repurchase agreements8 |
1,861 |
|
|
Financial derivatives assets (net, marked
to market) |
|
|
|
Forwards
|
0 |
|
|
Swaps
|
2,519 |
|
|
|
Notes: |
1. There were no sales of gold settled in July. On July 31, gold
holdings stood at 0.1 million ounces. The valuation is based on
the July 31, 2006, London p.m. fix of US$632.50 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 July, Canada
bills decreased by US$78 million to a level of outstanding bills
of US$1,608 million. Cross-currency swaps of domestic obligations
raised an equivalent of US$450 million.
3. "Return on investments" comprises US$98 million of
interest earned on investments and a US$152-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. "Foreign currency securities" include maturities of
foreign currency debt, cross-currency swap payments and an
estimate of interest payments on foreign currency liabilities.
7. "Securities lent under repurchase agreements" are
included in total reserves. Collateral provided in
securities-lending transactions is not included in total reserves.
8. 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 September 6, 2006 (covering the period August 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) |
July 31, 2006 |
17,716 |
16,572 |
69 |
942 |
1,096 |
36,395 |
June 30, 2006 |
17,675 |
16,143 |
67 |
939 |
1,092 |
35,916 |
May 31, 2006 |
17,847 |
15,715 |
71 |
949 |
1,103 |
35,685 |
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 |
|
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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