Release at 8:15 a.m. EDT Ottawa, July 6, 2005 2005-048 - Official
International Reserves 2005 -
The Department of Finance announced today that Canadas official international reserves decreased by an amount equivalent to US$112 million during June to US$34,922 million.
Details on the level and composition of Canadas reserves as of June 30, 2005, 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
28,907
Deposits
2,590
Total securities and deposits (liquid reserves)
31,497
Gold1
48
Special drawing rights (SDRs)
893
Reserve position in the IMF
2,484
Total:
June 30, 2005
34,922
May 31, 2005
35,034
Net change
-112
Details on Deposits
Other central banks/Bank for
International Settlements
1,086
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
1,504
Of which: located in Canada
0
_____
Total
2,590
Details of Net Change
Reserves management operations2
278
Gains and losses on gold sales
0
Net investment gains and losses
Return on investments3
140
Foreign currency debt charges
-244
Revaluation effects4
-285
Net government operations5
0
Official intervention
0
Other transactions6
-1
Net change
-112
Currency Composition of
Deposits and Securities
US dollars
17,303
Euro
13,182
Yen
1,010
Other
2
Total
31,497
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
-2,554
-1,565
-3,116
-7,235
Interest
-170
-249
-820
-1,239
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
-2,724
-1,814
-3,936
-8,474
Additional
Information (Nominal Value)
Undrawn,
unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent
under repurchase agreements9
-2,745
Securities held
under repurchase agreements10
554
Financial
derivatives assets (net, marked to market)
Forwards
0
Swaps
1,675
Notes:
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, 2005, London a.m. fix of US$437.10 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
increased by US$28 million to a level of outstanding bills of
US$2,004 million. Cross-currency swaps of domestic obligations
raised US$250 million.
3. "Return on investments" comprises US$83 million of
interest earned on investments and a US$57-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 June, the decline in 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. Predetermined short-term drains include the Governments
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.
8. "Foreign currency securities" include maturities of
foreign currency debt, cross-currency swap payments and an estimate
of interest payments on foreign currency liabilities.
9. "Securities lent under repurchase agreements" are
included in total reserves. Collateral provided in
securities-lending transactions is not included in total reserves.
10. 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 August 4, 2005 (covering the period July 2005).
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 Canadas , 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.cahttp://www.fin.gc.ca/scripts/register_e.asp.
(10-Year Synopsis)
US dollars
Other currencies
Gold
SDRs
IMF position
Total
(millions of US dollars)
June 30, 2005
17,303
14,194
48
893
2,484
34,922
May 31, 2005
16,786
14,482
45
904
2,817
35,034
April 30, 2005
16,419
15,043
47
916
3,176
35,601
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
January 31, 2005
15,138
15,246
46
905
3,255
34,590
December 31, 2004
14,427
15,740
48
925
3,327
34,467
November 30, 2004
14,113
15,663
49
912
3,334
34,071
October 31, 2004
17,271
15,001
46
880
3,262
36,460
September 30, 2004
17,527
14,633
45
862
3,198
36,265
August 31, 2004
17,022
14,623
44
857
3,345
35,891
July 31, 2004
16,747
14,299
43
845
3,267
35,201
June 30, 2004
16,646
14,545
43
849
3,335
35,418
Dec. 31, 2003
15,576
15,961
45
838
3,848
36,268
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
Dec. 31, 1994
9,693
526
199
1,148
910
12,475
