Release at 8:15 a.m. EDT
Ottawa, October 4, 2006
2006-053
- Official
International Reserves 2006 -
The Department of Finance announced today that Canada's official
international reserves increased by an amount equivalent to US$164 million
during September to US$36,017 million.
Details on the level and composition of Canada's reserves as of
September 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
29,161
Deposits
4,760
Total securities
and deposits (liquid reserves)
33,921
Gold1
65
Special drawing
rights (SDRs)
941
Reserve position
in the IMF
1,090
Total:
September
30, 2006
36,017
August 31, 2006
35,853
Net change
164
Details on Deposits
Other central
banks/Bank for International Settlements
1,346
Banks
headquartered in Canada
0
Of
which: located abroad
Banks
headquartered abroad
0
3,414
Of
which: located in Canada
0
Total
4,760
Details of
Net Change
Reserves
management operations2
272
Gains and losses
on gold sales
0
Net investment
gains and losses
Return
on investments3
151
Foreign
currency debt charges
-72
Revaluation
effects4
-187
Net government
operations5
0
Official
intervention
0
Other
transactions
0
Net change
164
Currency
Composition of Deposits and Securities
US dollars
16,755
Euro
16,660
Yen
506
Total
33,921
Predetermined Short-Term Drains on Foreign Currency Reserves
(Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6
Principal
-1,407
-1,212
-1,551
-4,170
Interest
-143
-291
-1,086
-1,520
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
-1,550
-1,503
-2,637
-5,690
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent under repurchase
agreements7
-2,336
Securities held under repurchase
agreements8
2,104
Financial derivatives assets (net,
marked to market)
Forwards
0
Swaps
3,213
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 29, 2006, London p.m. fix of US$599.25
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 decreased by US$43 million to a level of outstanding
bills of US$1,762 million. Cross-currency swaps of domestic
obligations raised an equivalent of US$630 million, and a total of
US$314 million equivalent in cross-currency swaps matured.
3. "Return on investments" comprises US$93 million of
interest earned on investments and a US$58-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 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. "Foreign currency securities" include maturities of
foreign currency debt, cross-currency swap payments and an
estimate of interest payments on foreign currency liabilities.
7. "Securities lent under repurchase agreements" are
included in total reserves. Collateral provided in
securities-lending transactions is not included in total reserves.
8. 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, 2006 (covering the period October 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:
Clifton Lee-Sing
Financial Markets Division Department of Finance
613-943-1944
David Gamble
Media Relations Department of Finance
613-996-8080
For further information on the Exchange Fund Account, please consult the Report
on the Management of Canada's Official International ReservesJanuary 1,
2005 March 31, 2006, located at www.fin.gc.ca/toce/2006/oir06_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.ca/scripts/register_e.asp.
Official International Reserves (10-Year Synopsis)
US dollars
Other currencies
Gold
SDRs
IMF position
Total
(millions of US dollars)
September 30, 2006
16,755
17,166
65
941
1,090
36,017
August 31, 2006
17,010
16,727
68
949
1,099
35,853
July 31, 2006
17,712
16,572
69
942
1,096
36,391
June 30, 2006
17,671
16,143
67
939
1,092
35,912
May 31, 2006
17,846
15,715
71
949
1,103
35,684
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
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
