Release at 8:15 a.m. EDT Ottawa, July 5, 2007 2007-060 - Official
International Reserves 2007 -
The Department of Finance announced today that Canada's official international reserves decreased by an amount equivalent to US$683 million during June to US$39,413 million.
Details on the level and composition of Canada's reserves as of June 30, 2007, 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
33,451
Deposits
4,222
Total securities and deposits (liquid reserves)
37,673
Gold1
71
Special drawing rights (SDRs)
974
Reserve position in the IMF
695
Total:
June 30, 2007
39,413
May 31, 2007
40,096
Net change
-683
Details on Deposits
Other central banks/Bank for International Settlements
455
Banks headquartered in Canada
0
Of which: located abroad
0
Banks headquartered abroad
3,767
Of which: located in Canada
0
Total
4,222
Details of Net Change
Reserves management operations2
-212
Gains and losses on gold sales
0
Net investment gains and losses
Return on investments3
15
Foreign currency debt charges
-585
Revaluation effects4
98
Net government operations5
0
Official intervention
0
Other transactions
1
Net change
-683
Currency Composition of Deposits and Securities
US dollars
19,487
Euro
17,703
Yen
483
Total
37,673
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal
Value)
0-1 month
1-3 months
3-12 months
Total
Foreign currency securities6
Principal
-1,015
-731
-2,518
-4,264
Interest
-137
-84
-1,298
-1,519
Aggregate short forward positions in foreign currencies
vis-à-vis Canadian dollar
-450
-1,200
-150
-1,800
Aggregate long forward positions in foreign currencies vis-à-vis
Canadian dollar
0
0
0
0
Total net drains
-1,602
-2,015
-3,966
-7,583
Additional Information (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered
outside Canada
6,000
Securities lent under repurchase agreements7
-2,343
Securities held under repurchase agreements8
2,962
Financial derivatives assets (net, marked to market)
Forwards
0
Swaps
3,188
Notes:
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, 2007, London p.m. fix of US$650.50 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 increased by US$213 million to a level of outstanding bills of US$1,774 million. Cross-currency swaps of domestic obligations raised US$811 million, and a total of US$1,236 million in cross-currency swaps matured.
3. "Return on investments" comprises US$104 million of interest earned on investments and a US$89-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 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 August 3, 2007 (covering the period July 2007).
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:
Rob Stewart
Financial Markets Division
Department of Finance
613-992-9032
Nathalie Gauthier 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, 2005March 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)
June 30, 2007
19,487
18,186
71
974
695
39,413
May 31, 2007
20,088
18,271
72
972
693
40,096
April 30, 2007
19,982
18,435
74
978
714
40,183
March 31, 2007
19,548
17,991
72
976
722
39,309
February 28, 2007
16,771
17,781
72
966
720
36,310
January 31, 2007
16,679
17,379
71
954
825
35,908
December 31, 2006
15,608
17,590
69
963
833
35,063
November 30, 2006
16,423
18,152
70
965
867
36,477
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
Dec. 31, 2005
16,842
13,822
56
897
1,401
33,018
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
