Archived - Official International Reserves - November 3, 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$1,087 million during October to US$103,776 million. This was driven entirely by reserves management funding operations (US$1,129 million)^{Footnote 1} and a net loss on investments (-US$42 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of October 31, 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	69,483
Deposits	7,870
Total securities and deposits (liquid reserves):	77,353
Gold	0
Special drawing rights (SDRs)	22,008
Reserve position in the International Monetary Fund (IMF)	4,123
Other reserve assets^{Footnote 3}	292
Total:
October 31, 2022	103,776
September 29, 2022	102,689
Net change:	1,087

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	7,870
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	7,870

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations^{Footnote 1}	1,129
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 4}	-131
Foreign currency debt charges	-158
Revaluation effects^{Footnote 5}	247
Net government operations^{Footnote 6}	0
Official intervention	0
Other transactions	0
Net change:	1,087

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	56,388
Euro	8,885
Pound sterling	6,176
Yen	5,904
Total:	77,353

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 7}
Principal	-4,139	-533	-6,490	-11,163
Interest	-93	-182	-1,061	-1,336
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:	-4,233	-715	-7,551	-12,499

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 8}	0
Securities held under repurchase agreements^{Footnote 9}	7,282
Financial derivatives assets (net, marked to market):
Forwards	182
Swaps	-53

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 2022, Canada bills decreased by US$139 million to a level of outstanding bills of US$1,785 million. An equivalent of US$1,672 million in cross-currency swaps was raised while US$404 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

"Other reserve assets" include the distribution of SDRs allocated to Canada by the IMF on October 28, 2022, as part of the IMF Resilience and Sustainability Trust borrowing agreement.

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Footnote 4

"Return on investments" comprises US$123 million of interest earned on investments and a US$254 million decline 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 5

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

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Footnote 6

"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 7

"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 8

"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 9

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 9 referrer

Table 7
**Official international reserves (10-year synopsis)**
Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Other reserve assets	Total
October 31, 2022	56,388	20,965	0	22,008	4,123	292	103,776
September 29, 2022	56,081	20,330	0	22,171	4,107	0	102,689
August 31, 2022	59,520	21,444	0	22,613	4,189	0	107,766
July 29, 2022	56,625	22,833	0	22,919	4,261	0	106,638
June 30, 2022	56,690	22,327	0	22,991	4,274	0	106,282
May 31, 2022	58,218	22,000	0	23,418	4,257	0	107,893
April 29, 2022	57,074	20,982	0	23,322	4,240	0	105,618
March 31, 2022	53,114	22,273	0	23,983	4,394	0	103,764
February 28, 2022	51,290	23,229	0	23,916	4,454	0	102,889
January 31, 2022	52,841	23,254	0	23,863	4,444	0	104,402
December 31, 2021	55,378	22,771	0	23,997	4,469	0	106,615
November 30, 2021	52,102	23,034	0	24,018	4,473	0	103,627
October 29, 2021	51,726	23,746	0	24,267	4,430	0	104,169

December 31, 2021	55,378	22,771	0	23,997	4,469	0	106,615
December 31, 2020	49,236	27,584	0	8,886	4,722	0	90,428
December 31, 2019	48,646	24,967	0	8,527	3,157	0	85,297
December 31, 2018	49,090	24,189	0	7,941	2,706	0	83,926
December 29, 2017	51,343	25,308	0	7,975	1,999	0	86,625
December 30, 2016	52,496	20,453	0	7,578	2,191	0	82,718
December 31, 2015	48,229	20,848	58	7,899	2,719	0	79,753
December 31, 2014	43,756	19,000	116	8,164	3,664	0	74,700
December 31, 2013	39,514	18,916	115	8,675	4,717	0	71,937
December 31, 2012	35,622	19,621	181	8,754	4,368	0	68,546
December 30, 2011	32,826	19,985	167	8,966	3,875	0	65,819

Future release dates

The next release is December 5, 2022 (covering the period of November 2022).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2021 – March 31, 2022.

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, 2022

Future release dates

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