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![](/web/20061130010653im_/http://www.fin.gc.ca/images/clear.gif) |
Release at 8:15 a.m. EDT
Ottawa, September 6, 2006
2006-044
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$538 million
during August to US$35,853 million.
Details on the level and composition of Canada’s reserves as of August
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 |
29,989 |
Deposits |
3,748 |
Total securities and deposits
(liquid reserves) |
33,737 |
Gold1 |
68 |
Special drawing rights (SDRs) |
949 |
Reserve position in the IMF |
1,099 |
Total: |
August 31, 2006
|
35,853 |
|
July 31, 2006* |
36,391 |
Net change |
-538 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements |
784 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0 |
|
Banks headquartered abroad |
2,964 |
Of which: located in Canada |
0 |
|
Total
|
3,748 |
|
Details of Net Change |
|
Reserves management operations2 |
-804 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
270 |
Foreign currency debt
charges |
-47 |
Revaluation effects4 |
42 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
1 |
Net change |
-538 |
|
Currency Composition of Deposits
and Securities |
|
|
US dollars |
17,010
|
Euro |
16,213
|
Yen |
514 |
Total |
33,737 |
|
* The total official international reserves figure
for July 2006 has been restated from US$36,395 million to
US$36,391 million. See the footnote at the end of this document for
further information (page 4). [Return]
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value) |
|
0-1
month |
1-3
months |
3-12
months |
Total |
Foreign currency
securities7 |
Principal |
-1,281 |
-1,103 |
-1,678 |
-4,062 |
Interest |
-62 |
-213 |
-1,115 |
-1,390 |
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 |
-1,343 |
-1,316 |
-2,793 |
-5,452 |
Additional
Information (Nominal Value) |
|
|
|
|
Undrawn,
unconditional credit lines with banks headquartered outside
Canada |
6,000 |
|
|
Securities lent
under repurchase agreements8 |
-2,349 |
|
|
Securities held
under repurchase agreements9 |
1,666 |
|
|
Financial
derivatives assets (net, marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
3,333 |
|
|
|
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, 2006, London p.m. fix of US$623.50 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 August, a
global bond of US$1,000 million matured. In addition, Canada bills
increased by US$196 million to a level of outstanding bills of
US$1,804 million.
3. "Return on investments" comprises US$107 million of
interest earned on investments and a US$163-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,
following the privatization of Petro-Canada in July 1991, and the
subsequent dissolution of Petro-Canada Limited in 2001.
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 October 4, 2006 (covering the period September 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) |
August 31, 2006 |
17,010 |
16,727 |
68 |
949 |
1,099 |
35,853 |
July 31, 2006* |
17,712 |
16,572 |
69 |
942 |
1,096 |
36,391 |
June 30, 2006* |
17,671 |
16,143 |
67 |
939 |
1,092 |
35,912 |
May 31, 2006* |
17,846 |
15,715 |
71 |
949 |
1,103 |
35,684 |
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 |
|
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 |
|
* The total official international reserves figures from May to July
2006 have been restated. The magnitude of the restatements is minor. The
market valuation of US-dollar-denominated securities held as part of
Canada’s reserves has been adjusted. [Return]
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