Release at 8:15 a.m. EDT Ottawa, September 6, 2005 2005-054 - Official
International Reserves 2005 -
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$969 million during August to US$34,296 million.
Details on the level and composition of Canada's reserves as of August 31, 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
27,083
Deposits
4,146
Total securities and deposits (liquid
reserves)
31,229
Gold1
47
Special drawing rights (SDRs)
907
Reserve position in the IMF
2,113
Total:
August 31, 2005
34,296
July 31, 2005
33,327
Net change
969
Details on Deposits
Other central banks/Bank for
International Settlements
1,562
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
2,584
Of which: located in Canada
0
_____
Total
4,146
Details of Net Change
Reserves management operations2
538
Gains and losses on gold sales
0
Net investment gains and losses
Return on investments3
212
Foreign currency debt
charges
-40
Revaluation effects4
259
Net government operations5
0
Official intervention
0
Other transactions
0
Net change
969
Currency Composition of Deposits and
Securities
US dollars
16,876
Euro
13,339
Yen
1,010
Other
4
Total
31,229
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value)6
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities7
Principal
-1,852
-616
-4,001
-6,469
Interest
-87
-187
-970
-1,244
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
-1,939
-803
-4,971
-7,713
Additional Information (Nominal
Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent under repurchase
agreements8
-2,697
Securities held under repurchase
agreements9
1,486
Financial derivatives assets (net,
marked to market)
Forwards
0
Swaps
2,314
Notes:
1. There were no sales of gold settled
in August. On August 31, gold holdings stood at 0.1 million ounces.
The valuation is based on the August 31, 2005, London p.m. fix of
US$433.25 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 August, Canada bills decreased
by US$62 million to a level of outstanding bills of US$1,699 million.
Cross-currency swaps of domestic obligations raised US$600 million.
3. "Return on investments" comprises US$104 million of
interest earned on investments and a US$108-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
August, the revaluation effect was mainly due to the appreciation 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. 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.
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.
Future Release Dates
The next release is October 5, 2005 (covering the period September 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 Canada's , 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)
August 31, 2005
16,876
14,353
47
907
2,113
34,296
July 31, 2005
16,241
14,048
47
890
2,101
33,327
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
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
