Archived - Official International Reserves - January 6, 2022

- All 2022 Official International Reserves -

Revised information is marked with an asterisk*.

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$2,988 million during December to US$106,615 million. This was driven by reserves management funding operations (US$3,296 million)^{Footnote 1} and a net loss in investments (-US$308 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of December 31, 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	71,818
Deposits	6,331
Total securities and deposits (liquid reserves):	78,149
Gold	0
Special drawing rights (SDRs)	23,997
Reserve position in the International Monetary Fund (IMF)	4,469
Total:
December 31, 2021	106,615
November 30, 2021	103,627*
Net change:	2,988

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	6,331
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	6,331

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations^{Footnote 1}	3,296
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 3}	-277
Foreign currency debt charges	-56
Revaluation effects^{Footnote 4}	25
Net government operations^{Footnote 5}	0
Official intervention	0
Other transactions	0
Net change:	2,988

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	55,378
Euro	10,903
Pound sterling	6,675
Yen	5,193
Total:	78,149

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	-5,892	-1,950	-6,914	-14,757
Interest	-97	-76	-557	-730
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:	-5,988	-2,027	-7,472	-15,487

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}	-150
Securities held under repurchase agreements^{Footnote 8}	2,396
Financial derivatives assets (net, marked to market):
Forwards	-16
Swaps	-263

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 December, Canada bills increased by US$661 million to a level of outstanding bills of US$3,954 million. An equivalent of US$3,087 million in cross-currency swaps was raised while US$451 million in cross-currency swaps matured during the month.

Return to footnote 1 referrer

Footnote 2

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

Return to footnote 2 referrer

Footnote 3

"Return on investments" comprises US$60 million of interest earned on investments and a US$337 million decrease in the market value of securities.

Return to footnote 3 referrer

Footnote 4

4. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In December, the revaluation effect was mainly due to the appreciation of the pound sterling and the depreciation of the Japanese yen.

Return to footnote 4 referrer

Footnote 5

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

Return to footnote 5 referrer

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.

Return to footnote 6 referrer

Footnote 7

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

Return to footnote 7 referrer

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
December 31, 2021	55,378	22,771	0	23,997	4,469	106,615
November 30, 2021	52,102	23,034	0	24,018*	4,473	103,627*
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

December 31, 2021	55,378	22,771	0	23,997	4,469	106,615
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

Future release dates

The next release is February 3, 2022 (covering the period of January 2022).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2020 – March 31, 2021.

Contacts

For further information, media may contact:

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

Page details

Date modified:: 2023-08-25

Language selection

Search

Archived - Official International Reserves - January 6, 2022

Future release dates

Contacts

For further information, media may contact:

Page details

We have archived this page and will not be updating it.

We have archived this page and will not be updating it.

Archived - Official International Reserves - January 6, 2022

Future release dates

Contacts

For further information, media may contact:

Page details