Release at 8:15 a.m. EDT Ottawa, July 6, 2006 2006-032 - Official
International Reserves 2006 -
The Department of Finance announced today that Canada's official international reserves increased by an amount equivalent to US$231 million during June to US$35,916 million.
Details on the level and composition of Canada's reserves as of June 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
30,234
Deposits
3,584
Total securities and
deposits (liquid reserves)
33,818
Gold1
67
Special drawing rights (SDRs)
939
Reserve position in the IMF
1,092
Total:
June 30, 2006
35,916
May 31, 2006
35,685
Net change
231
Details on Deposits
Other central banks/Bank for
International Settlements
692
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
2,892
Of which: located in Canada
0
_____
Total
3,584
Details of Net Change
Reserves management
operations2
631
Gains and losses on gold
sales
0
Net investment gains and
losses
Return on investments3
25
Foreign currency debt charges
-375
Revaluation effects4
-49
Net government operations5
0
Official intervention
0
Other transactions6
-1
Net change
231
Currency Composition of Deposits and Securities
US dollars
17,675
Euro
15,620
Yen
523
Total
33,818 Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency
securities7
Principal
-771
-2,075
-2,084
-4,931
Interest
-129
-236
-1,047
-1,412
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
-900
-2,312
-3,131
-6,343
Additional
Information (Nominal Value)
Undrawn,
unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent
under repurchase agreements8
-2,475
Securities held
under repurchase agreements9
1,589
Financial
derivatives assets (net, marked to market)
Forwards
0
Swaps
2,647
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, 2006, London p.m. fix of US$613.50 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 decreased by US$29 million to a level of outstanding bills
of US$1,686 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$660 million.
3. "Return on investments" comprises US$91 million of interest
earned on investments and a US$66-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
June, 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. "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 August 3, 2006 (covering the period July 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:
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 website at www.fin.gc.cahttp://www.fin.gc.ca/scripts/register_e.asp.
Official International Reserves (10-Year Synopsis)
US dollars
Other currencies
Gold
SDRs
IMF position
Total
(millions of US dollars)
June 30, 2006
17,675
16,143
67
939
1,092
35,916
May 31, 2006
17,847
15,715
71
949
1,103
35,685
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
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
