Archived - Official International Reserves - November 3, 2021

- All 2021 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$2,101 million during October to US$104,169 million. This was driven by reserves management funding operations (-US$1,647 million)^{Footnote 1} and a net loss in investments (-US$454 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of October 29, 2021, 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.

Table 1
**Foreign currency reserves**
	Amount Millions of US dollars
Securities	72,160
Deposits	3,312
Total securities and deposits (liquid reserves):	75,472
Gold	0
Special drawing rights (SDRs)	24,267
Reserve position in the International Monetary Fund (IMF)	4,430
Total:
October 29, 2021	104,169
September 29, 2021	106,270
Net change:	-2,101

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	3,312
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	3,312

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations^{Footnote 1}	-1,647
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 3}	-414
Foreign currency debt charges	-91
Revaluation effects^{Footnote 4}	51
Net government operations^{Footnote 5}	0
Official intervention	0
Other transactions	0
Net change:	-2,101

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	51,726
Euro	12,235
Pound sterling	6,544
Yen	4,967
Total:	75,472

Table 5
**Predetermined short-term drains on foreign currency reserves (nominal value)**
Millions of US dollars
	0 to 1 month	1 to 3 months	3 to 12 months	Total
Foreign currency securities:^{Footnote 6}
Principal	-2,142	-5,678	-5,213	-13,032
Interest	-85	-153	-471	-709
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:	-2,227	-5,831	-5,684	-13,741

Table 6
**Additional information (nominal value)**
	Amount Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Securities lent under repurchase agreements^{Footnote 7}	-244
Securities held under repurchase agreements^{Footnote 8}	1,571
Financial derivatives assets (net, marked to market):
Forwards	34
Swaps	112

Footnotes

Footnote 1

Net change in securities and deposits resulting from foreign currency funding activities of the government. Foreign reserves are managed under an asset-liability matching framework. Therefore, when a foreign currency liability matures, assets are used to repay the principal, leading to a decrease in reserves. During October, Canada bills decreased by US$1,219 million to a level of outstanding bills of US$4,035 million. An equivalent of US$1,200 million in cross-currency swaps was raised while US$1,627 million in cross-currency swaps matured during the month.

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Footnote 2

Net investment gains and losses include return on investments, foreign currency debt charges and revaluation effects.

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Footnote 3

"Return on investments" comprises US$58 million of interest earned on investments and a US$472 million decrease in the market value of securities.

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Footnote 4

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates.

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Footnote 5

"Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.

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Footnote 6

"Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

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Footnote 7

"Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

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Footnote 8

Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

Return to footnote 8 referrer

Table 7
**Official international reserves (10-year synopsis)**
Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
October 29, 2021	51,726	23,746	0	24,267	4,430	104,169
September 29, 2021	53,264	24,671	0	23,910	4,425	106,270
August 31, 2021	52,526	25,435	0	24,091	4,487	106,539
July 30, 2021	51,555	25,458	0	8,685	4,501	90,199
June 30, 2021	50,835	25,103	0	8,670	4,445	89,053
May 31, 2021	50,458	25,591	0	8,774	4,382	89,205
April 30, 2021	45,429	25,580	0	8,739	4,489	84,237
March 31, 2021	44,708	25,545	0	8,625	4,497	83,375
February 26, 2021	46,707	26,210	0	8,760	4,648	86,325
January 29, 2021	49,007	26,666	0	8,781	4,653	89,107
December 31, 2020	49,236	27,584	0	8,886	4,722	90,428
November 30, 2020	51,179	27,301	0	8,859	4,403	91,742
October 30, 2020	51,276	26,506	0	8,744	4,346	90,872

December 31, 2020	49,236	27,584	0	8,886	4,722	90,428
December 31, 2019	48,646	24,967	0	8,527	3,157	85,297
December 31, 2018	49,090	24,189	0	7,941	2,706	83,926
December 29, 2017	51,343	25,308	0	7,975	1,999	86,625
December 30, 2016	52,496	20,453	0	7,578	2,191	82,718
December 31, 2015	48,229	20,848	58	7,899	2,719	79,753
December 31, 2014	43,756	19,000	116	8,164	3,664	74,700
December 31, 2013	39,514	18,916	115	8,675	4,717	71,937
December 31, 2012	35,622	19,621	181	8,754	4,368	68,546
December 30, 2011	32,826	19,985	167	8,966	3,875	65,819
December 31, 2010	26,677	18,211	153	9,054	3,056	57,151

Future release dates

The next release is December 3, 2021 (covering the period of November 2021).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2019 – March 31, 2020.

Contacts

For further information, media may contact:

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

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Date modified:: 2023-08-25

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Archived - Official International Reserves - November 3, 2021

Future release dates

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