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Release at 8:15 a.m. EST Ottawa, November 5, 2002 2002-089
Official International Reserves
- Official International Reserves 2002 -
The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$641 million during October to US$37,256 million.
Details on the level and composition of Canada’s reserves as of October 31, 2002, 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 |
29,873 |
Deposits |
3,172 |
Total securities and deposits (liquid
reserves) |
33,045 |
Gold1 |
216 |
Special drawing rights (SDRs) |
685 |
Reserve position in the IMF |
3,310 |
Total: |
October 31, 2002 |
37,256 |
|
September 30, 2002 |
36,615 |
Net change |
641 |
Details on Deposits |
Other central banks/Bank for
International Settlements |
772 |
Banks headquartered in Canada |
175 |
Of which: located
abroad |
175 |
|
Banks headquartered abroad |
2,225 |
Of which: located in
Canada |
225 |
_____
|
Total |
3,172 |
Details of Net Change |
|
Reserves management operations2 |
616 |
Gains and losses on gold sales |
-3 |
Net investment gains and losses |
|
Return on investments3 |
-22 |
Foreign currency debt
charges |
-196 |
Revaluation effects4 |
15 |
Net government operations5 |
227 |
Official intervention |
0 |
Other transactions6 |
4 |
Net change |
641 |
Currency Composition of Deposits and
Securities |
US dollars |
19,234 |
Euro |
12,877 |
Yen |
930 |
Other |
4 |
Total |
33,045 |
|
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value)7 |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency
securities8 |
Principal |
-1,272 |
-1,775 |
-2,885 |
-5,932 |
Interest |
-121 |
-172 |
-884 |
-1,177 |
Aggregate short
forward positions in foreign
currencies vis-à-vis Canadian dollar |
-1,466 |
0 |
0 |
-1,466 |
Aggregate long
forward positions in foreign currencies vis-à-vis Canadian dollar |
0 |
0 |
0 |
0 |
Total net drains |
-2,859 |
-1,947 |
-3,769 |
-8,575 |
|
Additional
Information (Nominal Value) |
Undrawn,
unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent
under repurchase agreements9 |
-983 |
|
|
Securities held
under repurchase agreements10 |
100 |
|
|
Financial
derivatives assets (net, marked to market) |
|
|
|
Forwards
|
4 |
|
|
Swaps
|
-1,713 |
|
|
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Notes: |
- Sales of 90,937 ounces of gold settled in October. On October 31, gold holdings stood at 0.7 million ounces. The valuation
is based on the October 31, 2002, London p.m. fix of
US$316.90 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 October
Canada bills increased by US$566 million to a level of outstanding
bills of US$2,422 million. Cross-currency swaps of domestic
obligations raised US$50 million equivalent.
- "Return on investments" comprises US$104 million of
interest earned on investments and a US$126-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.
- "Net government operations" are the net purchases of
foreign currency for government foreign exchange requirements and
for additions to reserves.
- Related to repayment of a loan made to Thailand in 1998.
- Predetermined short-term drains include the Government’s
contractual obligations in foreign currencies related to payments
of principal and interest associated with securities and
commitments under swaps and forward contracts coming due during
the next 12 months.
- "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.
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Future Release Dates
The next release is December 4, 2002 (covering the period November 2002).
A list of upcoming release dates is posted on the Department of Finance Web site located at: www.fin.gc.ca/invest_x/releaseDates_e.asp.
___________________ For further information:
Sandra Lavoratore
Financial Markets Division
(613) 947-3919 |
Jean-Michel Catta
Public Affairs and Operations Division
(613) 996-8080 |
For further information on the Exchange Fund Account, please consult the 2001 Annual Report to Parliament on the Operations of the Exchange Fund Account by the Minister of Finance and Report of the Auditor General to the Minister of Finance on the Examination of the Accounts and Financial Statements of the Exchange Fund Account, located at www.fin.gc.ca/purl/efa-e.html.
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://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, 2002 |
19,234 |
13,811 |
216 |
685 |
3,310 |
37,256 |
September 30, 2002 |
18,426 |
13,937 |
250 |
686 |
3,316 |
36,615 |
August 31, 2002 |
18,836 |
13,931 |
242 |
688 |
3,399 |
37,096 |
July 31, 2002 |
18,512 |
13,678 |
262 |
671 |
3,287 |
36,410 |
June 30, 2002 |
19,078 |
13,753 |
274 |
675 |
3,410 |
37,190 |
May 31, 2002 |
19,019 |
12,889 |
281 |
655 |
2,832 |
35,676 |
April 30, 2002 |
18,858 |
12,393 |
266 |
632 |
2,807 |
34,956 |
March 31, 2002 |
18,495 |
11,679 |
288 |
621 |
2,946 |
34,029 |
February 28, 2002 |
19,051 |
11,308 |
284 |
619 |
2,918 |
34,180 |
January 31, 2002 |
19,147 |
10,767 |
297 |
607 |
2,826 |
33,644 |
December 31, 2001 |
19,748 |
10,736 |
291 |
614 |
2,859 |
34,248 |
November 30, 2001 |
20,067 |
10,670 |
305 |
619 |
2,924 |
34,585 |
October 31, 2001 |
20,479 |
10,520 |
308 |
610 |
3,038 |
34,955 |
|
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 |
Dec. 31, 1994 |
9,693 |
526 |
199 |
1,148 |
910 |
12,475 |
Dec. 31, 1993 |
9,950 |
521 |
292 |
1,064 |
949 |
12,776 |
Dec. 31, 1992 |
7,864 |
1,518 |
478 |
1,039 |
1,010 |
11,909 |
Dec. 31, 1991 |
9,440 |
4,639 |
649 |
1,582 |
592 |
16,901 |
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