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Release at 8:15 a.m. EST
Ottawa, March 3, 2006
2006-003
Official International Reserves
- Official
International Reserves 2006 -
The Department of Finance Canada announced today that Canada’s official
international reserves decreased by an amount equivalent to US$275 million
during February to US$32,684 million.
Details on the level and composition of Canada’s reserves as of
February 28, 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 |
27,125 |
Deposits |
3,556 |
Total securities and deposits (liquid reserves) |
30,681 |
|
|
Gold1 |
61 |
Special drawing rights (SDRs) |
908 |
Reserve position in the IMF |
1,034 |
Total: |
February 28, 2006 |
32,684 |
|
January 31, 2006 |
32,959 |
Net change |
-275 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements |
795 |
Banks headquartered in Canada |
0 |
Of which: located abroad |
0 |
|
Banks headquartered abroad |
2,761 |
Of which: located in Canada |
0 |
_____ |
Total
|
3,556 |
|
Details of Net Change |
|
Reserves management operations2 |
-32 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3 |
46 |
Foreign currency debt charges |
-38 |
Revaluation effects4 |
-251 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions |
0 |
Net change
|
-275 |
|
Currency Composition of Deposits and
Securities |
US dollars |
16,707 |
Euro |
13,018 |
Yen |
956 |
Total
|
30,681 |
|
Predetermined Short-Term Drains on
Foreign Currency Reserves (Nominal Value) |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency securities6 |
Principal |
-1,818 |
-418 |
-2,086 |
-4,322 |
Interest |
-105 |
-138 |
-981 |
-1,224 |
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 |
-1,923 |
-556 |
-3,067 |
-5,546 |
Additional Information (Nominal
Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase
agreements7 |
-1,993 |
|
|
Securities held under repurchase
agreements8 |
1,462 |
|
|
Financial derivatives assets (net,
marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
3,066 |
|
|
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Notes:
- There were no sales of gold settled in February. On February 28,
gold holdings stood at 0.1 million ounces. The valuation is based
on the February 28, 2006, London p.m. fix of US$556.00 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 February,
Canada bills decreased by US$303 million to a level of outstanding
bills of US$1,516 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$271 million.
- "Return on investments" comprises US$85 million of
interest earned on investments and a US$39-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. In February, the revaluation effect was mainly due to the
depreciation of the euro.
- "Net government operations" are the net purchases of
foreign currency for government foreign exchange requirements and
for additions to reserves.
- "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 April 5, 2006 (covering the period March 2006).
A list of upcoming release dates is posted on the Department of Finance
Canada website, located at www.fin.gc.ca/invest_x/releaseDates_e.asp.
___________________
For further information:
Sandra Lavoratore
Financial Markets Division
(613) 947-3919
|
David Gamble
Public Affairs and Operations Division
(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 Canada 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) |
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 |
June 30, 2005 |
17,303 |
14,196 |
48 |
893 |
2,484 |
34,924 |
May 31, 2005 |
16,785 |
14,483 |
45 |
904 |
2,817 |
35,034 |
April 30, 2005 |
16,419 |
15,045 |
47 |
916 |
3,176 |
35,603 |
March 31, 2005 |
17,080 |
15,043 |
47 |
916 |
3,164 |
36,250 |
February 28, 2005 |
15,947 |
15,434 |
47 |
925 |
3,208 |
35,561 |
|
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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