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Release at 8:15 a.m. EST
Ottawa, November 3, 2006
2006-062
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$374 million during October to US$35,643 million.
Details on the level and composition of Canada’s reserves as of
October 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 |
29,712 |
Deposits |
3,976 |
Total securities and deposits
(liquid reserves) |
33,688 |
Gold1 |
66 |
Special drawing rights (SDRs) |
944 |
Reserve position in the IMF |
945 |
Total: |
October 31, 2006 |
35,643 |
|
September 30, 2006 |
36,017 |
Net change |
-374 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements |
572 |
Banks headquartered in Canada |
0 |
Of which:
located abroad |
0 |
|
Banks headquartered abroad |
3,404 |
Of which:
located in Canada |
0 |
|
Total |
3,976 |
|
Details of Net Change |
|
Reserves management operations2 |
-452 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on
investments3 |
107 |
Foreign
currency debt charges |
-150 |
Revaluation
effects4 |
121 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
Net change |
-374 |
|
Currency Composition of
Deposits and Securities |
US dollars |
16,256 |
Euro |
16,921 |
Yen |
511 |
Total |
33,688 |
|
Predetermined Short-Term Drains on
Foreign Currency Reserves (Nominal Value) |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency securities6 |
Principal |
-908 |
-1,216 |
-1,864 |
-3,988 |
Interest |
-68 |
-225 |
-1,104 |
-1,397 |
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 |
-976 |
-1,441 |
-2,968 |
-5,385 |
|
Additional Information (Nominal
Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements7 |
-2,218 |
|
|
Securities held under repurchase
agreements8 |
2,201 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
2,872 |
|
|
|
Notes:
1. There were no sales of gold settled in October. On October 31,
gold holdings stood at 0.1 million ounces. The valuation is based
on the October 31, 2006, London p.m. fix of US$603.75 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 October, Canada bills decreased
by US$89 million to a level of outstanding bills of US$1,673
million. Cross-currency swaps of domestic obligations raised an
equivalent of US$301 million, and a total of US$664 million equivalent
in cross-currency swaps matured.
3. "Return on investments" comprises US$103 million of
interest earned on investments and a US$4-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 October, the revaluation effect was mainly due to the
appreciation 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
December 5, 2006 (covering the period
November 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) |
October 31, 2006 |
16,256 |
17,432 |
66 |
944 |
945 |
35,643 |
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 |
|
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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