REVISED (May 3, 2018) - Official International Reserves - April 5, 2018

- All 2018 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent toUS$3,191 million during March to US$83,295 million.

Details on the level and composition of Canada's reserves as of March 31, 2018, 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.

Note: Official international reserve figures for March 31, 2018 were revised due to a miscalculation in the valuation of SDR holdings.

NOTES:

1. 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 March, a global bond of US$3,500 million matured. In addition, Canada bills increased by US$53.1 million to a level of outstanding bills of US$2,010.8 million. An equivalent of US$700 million in cross-currency swaps was raised while US$500 million in cross-currency swaps matured during the month. In addition, an equivalent of US$556.3 million in foreign exchange swaps matured during the month.
2. "Return on investments" comprises US$84* million of interest earned on investments and a US$295 million increase in the market value of securities.
3. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In March, the revaluation effect was mainly due to the appreciation of the euro and the pound sterling.
4. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
5. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
6. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
7. Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

* Revised figures: Special drawing rights (SDRs): US$8,188 million revised to US$8,177 million; Foreign currency reserves (March 31, 2018): US$83,306 million revised to US$83,295 million; Net change: -US$3,180 million revised to -US$3,191 million; Return on investments: US$390 million revised to US$379 million; Return on investments (interest earned): US$95 million revised to US$84 million.

Future Release Dates

The next release is May 3, 2018 (covering the period of April 2018).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada’s Official International Reserves—April 1, 2016 – March 31, 2017.