Release at 8:15 a.m. EDT Ottawa, May 3, 2006 2006-014 - Official
International Reserves 2006 -
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$318 million during April to US$35,716 million.
Details on the level and composition of Canada's reserves as of April 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
29,606
Deposits
4,051
Total securities and deposits
(liquid reserves)
33,657
Gold1
70
Special drawing rights (SDRs)
931
Reserve position in the IMF
1,058
Total:
April 30, 2006
35,716
March 31, 2006
36,034
Net change
-318
Details on Deposits
Other central banks/Bank for
International Settlements
464
Banks headquartered in Canada
0
Of which: located
abroad
0
Banks headquartered abroad
3,587
Of which: located in
Canada
0
___
Total
4,051
Details of Net Change
Reserves management operations2
-872
Gains and losses on gold sales
0
Net investment gains and losses
Return on
investments3
29
Foreign
currency debt charges
-85
Revaluation
effects4
610
Net government operations5
0
Official intervention
0
Other transactions6
0
Net change
-318
Currency Composition of
Deposits and Securities
US dollars
18,660
Euro
14,471
Yen
526
Total
33,657
Predetermined
Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities7
Principal
-1,487
-463
-2,577
-4,527
Interest
-423
-129
-702
-1,254
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
-1,910
-592
-3,279
-5,781
Additional Information (Nominal
Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent under repurchase
agreements8
-2,180
Securities held under repurchase
agreements9
2,288
Financial derivatives assets (net,
marked to market)
Forwards
0
Swaps
2,890
Notes:
There were no sales of gold settled in April. On April 30, gold
holdings stood at 0.1 million ounces. The valuation is based on
the April 30, 2006, London p.m. fix of US$644.00 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 April,
Canada bills decreased by US$1,551 million to a level of
outstanding bills of US$2,502 million. Cross-currency swaps of
domestic obligations raised an equivalent of US$679 million.
"Return on investments" comprises US$89 million of
interest earned on investments and a US$60-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 April, 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.
Future Release Dates
The next release is June 5, 2006 (covering the period May 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, media may contact:
Sandra Lavoratore
Financial Markets Division
Department of Finance
(613) 947-3919
David Gamble Media Relations Department of Finance (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.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)
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
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
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
