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Release at 8:15 a.m. EDT
Ottawa, July 6, 2006
2006-032
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$231 million
during June to US$35,916 million.
Details on the level and composition of Canada’s reserves as of June
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 |
30,234 |
Deposits |
3,584 |
Total securities and
deposits (liquid reserves) |
33,818 |
Gold1 |
67 |
Special drawing rights (SDRs) |
939 |
Reserve position in the IMF |
1,092 |
Total: |
June 30, 2006 |
35,916 |
|
May 31, 2006 |
35,685 |
Net change |
231 |
|
Details on Deposits |
Other central banks/Bank for International Settlements
|
692 |
Banks headquartered in Canada
|
0 |
Of which: located abroad
|
0
|
Banks headquartered abroad
|
2,892 |
Of which: located in Canada
|
0 |
|
_____ |
Total
|
3,584 |
|
Details of Net Change |
Reserves management
operations2 |
631 |
Gains and losses on gold
sales |
0 |
Net investment gains and
losses |
|
Return on investments3
|
25 |
Foreign currency debt charges
|
-375 |
Revaluation effects4
|
-49 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
-1 |
Net change |
231 |
|
Currency Composition of Deposits and Securities |
US dollars
|
17,675
|
Euro
|
15,620
|
Yen
|
523
|
Total
|
33,818
|
|
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value) |
|
0-1
month |
1-3
months |
3-12
months |
Total |
|
Foreign currency
securities7 |
Principal |
-771 |
-2,075 |
-2,084 |
-4,931 |
Interest |
-129 |
-236 |
-1,047 |
-1,412 |
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 |
-900 |
-2,312 |
-3,131 |
-6,343 |
|
Additional
Information (Nominal Value) |
Undrawn,
unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent
under repurchase agreements8 |
-2,475 |
|
|
Securities held
under repurchase agreements9 |
1,589 |
|
|
Financial
derivatives assets (net, marked to market) |
|
|
|
Forwards |
0 |
|
|
Swaps |
2,647 |
|
|
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1. There were no sales of gold settled in June. On June 30, gold
holdings stood at 0.1 million ounces. The valuation is based on
the June 30, 2006, London p.m. fix of US$613.50 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 June, Canada
bills decreased by US$29 million to a level of outstanding bills
of US$1,686 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$660 million.
3. “Return on investments” comprises US$91 million of interest
earned on investments and a US$66-million decrease 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
June, 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. 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.
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Future Release Dates
The next release is August 3, 2006 (covering the period July 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:
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 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) |
June 30, 2006 |
17,675 |
16,143 |
67 |
939 |
1,092 |
35,916 |
May 31, 2006 |
17,847 |
15,715 |
71 |
949 |
1,103 |
35,685 |
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 |
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 |
|
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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