Release at 8:15 a.m. EDT Ottawa, October 5, 2005 2005-065 - Official
International Reserves 2005 -
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$690 million during September to US$33,606 million.
Details on the level and composition of Canada's reserves as of September 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
27,115
Deposits
3,441
Total securities and
deposits (liquid reserves)
30,556
Gold1
52
Special drawing rights
(SDRs)
900
Reserve position in the IMF
2,098
Total:
September 30, 2005
33,606
August 31, 2005
34,296
Net change
-690
Details on Deposits
Other central banks/Bank for
International Settlements
833
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
2,608
Of which: located in Canada
0
_____
Total
3,441
Details of Net Change
Reserves management
operations2
-156
Gains and losses on gold
sales
0
Net investment gains and
losses
Return on investments3
-75
Foreign currency debt charges
-86
Revaluation effects4
-374
Net government operations5
0
Official intervention
0
Other transactions6
1
Net change
-690
Currency Composition of
Deposits and Securities
US dollars
16,724
Euro
12,852
Yen
977
Other
3
Total
30,556
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
-874
-2,841
-2,186
-5,901
Interest
-128
-289
-933
-1,350
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
-1,002
-3,130
-3,119
-7,251
Additional
Information (Nominal Value)
Undrawn,
unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent
under repurchase agreements9
-2,605
Securities held
under repurchase agreements10
1,461
Financial
derivatives assets (net, marked to market)
Forwards
0
Swaps
2,895
Notes:
1. There were no sales of gold settled in September. On September
30, gold holdings stood at 0.1 million ounces. The valuation is
based on the September 30, 2005, London p.m. fix of US$473.25 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 September,
Canada bills increased by US$49 million to a level of outstanding
bills of US$1,748 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$625 million, and a total of
US$831 million equivalent in cross-currency swaps matured.
3. "Return on investments" comprises US$79 million of interest earned on investments and a US$154-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 September, 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 privatization of Petro-Canada in July 1991, and the
subsequent dissolution of Petro-Canada Limited in 2001.
7. 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. 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 November 3, 2005 (covering the period October 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.
(10-Year Synopsis)
US dollars
Other currencies
Gold
SDRs
IMF position
Total
(millions of US dollars)
September 30, 2005
16,724
13,832
52
900
2,098
33,606
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
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
