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Release at 8:15 a.m. EDT
Ottawa, April 7, 2006
2006-005
Official International Reserves
- Official
International Reserves 2006 -
The Department of Finance Canada announced today that Canada’s
official international reserves increased by an amount equivalent to
US$3,350 million during March to US$36,034 million.
Details on the level and composition of Canada’s reserves as of March 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 |
28,420 |
Deposits |
5,596 |
Total securities and deposits (liquid reserves) |
34,016 |
|
|
Gold1 |
63 |
Special drawing rights (SDRs) |
917 |
Reserve position in the IMF |
1,038 |
Total: |
March 31, 2006 |
36,034 |
|
February 28, 2006 |
32,684 |
|
|
Net change |
3,350 |
|
Details on Deposits |
Other central banks/Bank for
International Settlements
|
2,130 |
Banks headquartered in Canada
|
0 |
Of which: located abroad
|
0 |
|
Banks headquartered abroad
|
3,466 |
Of which: located in Canada
|
0 |
_____ |
Total
|
5,596 |
|
Details of Net Change |
|
Reserves management operations2 |
3,374 |
Gains and losses on gold sales |
0 |
Net investment gains and losses |
|
Return on investments3
|
-113 |
Foreign currency debt charges |
-134 |
Revaluation effects4
|
222 |
Net government operations5 |
0 |
Official intervention |
0 |
Other transactions6 |
1 |
Net change |
3,350 |
|
Currency Composition of
Deposits and Securities |
US dollars |
20,204 |
Euro |
13,304 |
Yen |
508 |
Total |
34,016 |
|
Predetermined Short-Term Drains on Foreign Currency
Reserves (Nominal Value) |
|
|
0-1
month |
1-3
months |
3-12
months |
Total |
Foreign currency securities7 |
Principal |
-2,471 |
-1,012 |
-2,581 |
-6,064 |
Interest |
-79 |
-416 |
-756 |
-1,251 |
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 |
-2,550 |
-1,428 |
-3,337 |
-7,315 |
Additional Information (Nominal Value) |
Undrawn, unconditional credit lines with
banks headquartered outside Canada |
6,000 |
|
|
Securities lent under repurchase agreements8 |
-2,517 |
|
|
Securities held under repurchase agreements9 |
2,164 |
|
|
Financial derivatives assets (net, marked to market) |
|
|
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Forwards |
0 |
|
|
Swaps |
2,327 |
|
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Notes:
- There were no sales of gold settled in March. On March 31, gold
holdings stood at 0.1 million ounces. The valuation is based on
the March 31, 2006, London p.m. fix of US$582.00 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 March,
Canada notes decreased by an equivalent of US$430 million to a
level of outstanding notes of US$425 million. In addition, Canada
bills increased by US$2,537 million to a level of outstanding
bills of US$4,053 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$1,728 million, and a total
of US$461 million equivalent in cross-currency swaps matured.
- "Return on investments" comprises US$87 million of
interest earned on investments and a US$200-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 March, the revaluation effect was mainly due to the
appreciation of the euro.
- "Net government operations" are the net purchases of
foreign currency for government foreign exchange requirements and
for additions to reserves.
- 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.
- "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 May 3, 2006 (covering the period April
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.
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)
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|
US dollars |
Other currencies |
Gold |
SDRs |
IMF position |
Total |
|
|
(millions of US dollars) |
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 |
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 |
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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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