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Release at 8:15 a.m. EDT
Ottawa, October 4, 2006
2006-053
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$164 million
during September to US$36,017 million.
Details on the level and composition of Canada’s reserves as of
September 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 |
29,161 |
Deposits |
4,760 |
Total securities
and deposits (liquid reserves) |
33,921 |
Gold1 |
65 |
Special drawing
rights (SDRs) |
941 |
Reserve position
in the IMF |
1,090 |
Total: |
September
30, 2006 |
36,017 |
|
August 31, 2006 |
35,853 |
Net change |
164 |
|
Details on Deposits |
Other central
banks/Bank for International Settlements |
1,346 |
Banks
headquartered in Canada |
0 |
Of
which: located abroad |
|
Banks
headquartered abroad |
0 |
|
|
3,414 |
Of
which: located in Canada |
0 |
|
Total
|
4,760 |
|
Details of
Net Change |
|
Reserves
management operations2 |
272 |
Gains and losses
on gold sales |
0 |
Net investment
gains and losses |
|
Return
on investments3 |
151 |
Foreign
currency debt charges |
-72 |
Revaluation
effects4 |
-187 |
Net government
operations5 |
0 |
Official
intervention |
0 |
Other
transactions |
0 |
Net change |
164 |
|
Currency
Composition of Deposits and Securities |
|
US dollars |
16,755
|
Euro |
16,660
|
Yen |
506
|
Total
|
33,921
|
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value) |
|
|
0-1
month |
1-3
months |
3-12
months |
Total |
Foreign currency securities6 |
Principal |
-1,407
|
-1,212
|
-1,551
|
-4,170
|
Interest |
-143
|
-291
|
-1,086
|
-1,520
|
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 |
-1,550
|
-1,503
|
-2,637
|
-5,690
|
Additional Information (Nominal Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements7 |
-2,336 |
|
|
Securities held under repurchase
agreements8 |
2,104 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
3,213 |
|
|
|
Notes:
1. There were no sales of gold settled in September. On September
30, gold holdings stood at 0.1 million ounces. The valuation
is based on the September 29, 2006, London p.m. fix of US$599.25
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 September,
Canada bills decreased by US$43 million to a level of outstanding
bills of US$1,762 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$630 million, and a total of
US$314 million equivalent in cross-currency swaps matured.
3. "Return on investments" comprises US$93 million of
interest earned on investments and a US$58-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. In September, the revaluation effect was mainly due to the
depreciation of the euro.
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.
|
Future Release Dates
The next release is November 3, 2006 (covering the period October 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:
Clifton Lee-Sing
Financial Markets Division Department of Finance
613-943-1944
|
David Gamble
Media Relations Department of Finance
613-996-8080 |
For further information on the Exchange Fund Account, please consult the Report
on the Management of Canada’s Official International Reserves—January 1,
2005 – March 31, 2006, located at www.fin.gc.ca/toce/2006/oir06_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) |
September 30, 2006 |
16,755 |
17,166 |
65 |
941 |
1,090 |
36,017 |
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 |
|
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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