Archived - Official International Reserves - May 4, 2022

- All 2022 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$1,854 million during April to US$105,618 million. This was driven almost entirely by reserves management funding operations (US$5,138 million)^{Footnote 1} and a net loss in investments (-US$3,268 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of April 29, 2022, 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	71,606
Deposits	6,450
Total securities and deposits (liquid reserves):	78,056
Gold	0
Special drawing rights (SDRs)	23,322
Reserve position in the International Monetary Fund (IMF)	4,240
Total:
April 29, 2022	105,618
March 31, 2022	103,764
Net change:	1,854

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	6,450
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	6,450

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations^{Footnote 1}	5,138
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 3}	-1,348
Foreign currency debt charges	-81
Revaluation effects^{Footnote 4}	-1,839
Net government operations^{Footnote 5}	-16
Official intervention	0
Other transactions	0
Net change:	1,854

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	57,074
Euro	10,208
Pound sterling	6,253
Yen	4,521
Total:	78,056

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	-1,795	-2,054	-7,874	-11,724
Interest	-82	-127	-806	-1,014
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:	-1,877	-2,181	-8,680	-12,738

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}	0
Securities held under repurchase agreements^{Footnote 8}	5,699
Financial derivatives assets (net, marked to market):
Forwards	271
Swaps	-367

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 April 2022, Canada issued a 3-year US$3.5 billion global bond and Canada bills increased by US$53 million to a level of outstanding bills of US$2,113 million. An equivalent of US$1,718 million in cross-currency swaps was raised while US$133 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$70 million of interest earned on investments and a US$1,418 million decrease in the market value of securities. Effective April 1, 2022, the government adopted accounting standard PSAB – Section PS 3450; the interest amount reported is now calculated in accordance to this standard.

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Footnote 4

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In April 2022, the revaluation effect was mainly due to the depreciation of the euro, pound sterling and yen.

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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.

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Table 7
**Official international reserves (10-year synopsis)**
Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
April 29, 2022	57,074	20,982	0	23,322	4,240	105,618
March 31, 2022	53,114	22,273	0	23,983	4,394	103,764
February 28, 2022	51,290	23,229	0	23,916	4,454	102,889
January 31, 2022	52,841	23,254	0	23,863	4,444	104,402
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

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 June 3, 2022 (covering the period of May 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

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Date modified:: 2023-08-25

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Archived - Official International Reserves - May 4, 2022

Future release dates

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