Release at 8:15 a.m. EST
Ottawa, November 3, 2006
2006-062
- Official
International Reserves 2006 -
The Department of Finance announced today that Canada's official
international reserves decreased by an amount equivalent to
US$374 million during October to US$35,643 million.
Details on the level and composition of Canada's reserves as of
October 31, 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
29,712
Deposits
3,976
Total securities and deposits
(liquid reserves)
33,688
Gold1
66
Special drawing rights (SDRs)
944
Reserve position in the IMF
945
Total:
October 31, 2006
35,643
September 30, 2006
36,017
Net change
-374
Details on Deposits
Other central banks/Bank for
International Settlements
572
Banks headquartered in Canada
0
Of which:
located abroad
0
Banks headquartered abroad
3,404
Of which:
located in Canada
0
Total
3,976
Details of Net Change
Reserves management operations2
-452
Gains and losses on gold sales
0
Net investment gains and losses
Return on
investments3
107
Foreign
currency debt charges
-150
Revaluation
effects4
121
Net government operations5
0
Official intervention
0
Other transactions
0
Net change
-374
Currency Composition of
Deposits and Securities
US dollars
16,256
Euro
16,921
Yen
511
Total
33,688
Predetermined Short-Term Drains on
Foreign Currency Reserves (Nominal Value)
0-1
month
1-3
months
3-12
months
Total
Foreign currency securities6
Principal
-908
-1,216
-1,864
-3,988
Interest
-68
-225
-1,104
-1,397
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
-976
-1,441
-2,968
-5,385
Additional Information (Nominal
Value)
Undrawn, unconditional credit lines with
banks headquartered outside Canada
6,000
Securities lent under repurchase
agreements7
-2,218
Securities held under repurchase
agreements8
2,201
Financial derivatives assets (net,
marked to market)
Forwards
0
Swaps
2,872
Notes:
1. There were no sales of gold settled in October. On October 31,
gold holdings stood at 0.1 million ounces. The valuation is based
on the October 31, 2006, London p.m. fix of US$603.75 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 October, Canada bills decreased
by US$89 million to a level of outstanding bills of US$1,673
million. Cross-currency swaps of domestic obligations raised an
equivalent of US$301 million, and a total of US$664 million equivalent
in cross-currency swaps matured.
3. "Return on investments" comprises US$103 million of
interest earned on investments and a US$4-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 October, 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. "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
December 5, 2006 (covering the period
November 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)
October 31, 2006
16,256
17,432
66
944
945
35,643
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
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
